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Washington DC & Mid-Atlantic  + DC Metro  + Finance  |  May 12, 2021
David Cohen
By: David Cohen

PRC Secures $58M Debt & Equity for Construction of Maryland Apartments

Phillips Realty Capital (PRC) has secured a $45.1M construction loan along with a $12.8 million preferred equity investment on behalf of client Varsity Investment Group for the development of St. Joseph Apartments, a four-story, stick-built, elevatored, 268-unit project in Upper Marlboro, MD.

Mark Remington and Alec Jenkins of PRC sourced and structured the $58M capital stack, including the preferred equity investment by FCP earlier in 2021.

Upon completion, the luxury apartment project will offer units with condo-quality finishes along with abundant nearby amenities at Woodmore Town Center and a one-mile proximity to the Largo Metro Station.

“We are excited to be part of a new wave of development in Prince George’s County,” said Donnie Gross of Varsity Investment Group. “The St. Joseph Apartments will help fill a need for a growing population of young professionals seeking modern amenities, suburban conveniences, and easy metro access.”

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Varisty’s Gross

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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