Phillips Realty Capital Secures $58M Construction Financing for Apartment Project in Upper Marlboro, Maryland
UPPER MARLBORO, MD. — Phillips Realty Capital has secured $58 million in debt and equity financing for the construction of St. Joseph Apartments, a four-story, 268-unit multifamily project in Upper Marlboro. Mark Remington and Alec Jenkins of Phillips Realty arranged a $45.1 million construction loan through United Bank on behalf of the borrower, Varsity Investment Group. Additionally, Remington and Jenkins sourced a $12.8 million preferred equity investment by FCP.
St. Joseph Apartments will be located one mile from the Largo Metro Station and near Woodmore Town Center, which has a Wegmans, Costco and Best Buy.
Phillips Realty Capital is Bethesda, Md.-based commercial real estate finance firm. Varsity Investment Group is a commercial real estate development company specializing in student housing, market-rate, mixed-use and retail development. United Bank is a community bank and subsidiary of United Bankshares Inc.