Phillips Realty Capital secures financing for new Marriott Residence Inn in Blacksburg
Phillips Realty Capital, based in Bethesda, Md., said Monday that it has secured an $18.6 million construction loan on behalf of Newport Hospitality Group Inc. and
Collegiate Inn of Blacksburg LLC for the development of a new Marriott Residence Inn adjacent to the campus of Virginia Tech.
The six-story, 126-room extended stay hotel will offer suites with fully equipped kitchens and living rooms, an indoor pool, and a 24/7 workout room.
The hotel will be part of the newly constructed University Crossroads, a mixed-use redevelopment center at the corner of University City Boulevard and Prices For Road. University Crossroads sits diagonally across from Virginia Tech’s new visitors center and the main entrance to the university.
The opening of the new Marriott Residence Inn is anticipated in mid-2018.
Phillips Realty Capital Managing Director Brian Boland structured the financing with a regional bank. “Phillips leveraged their hospitality sector expertise and relationships with key capital sources to structure an attractive financing package in a tightening market,” Andrew Carey of Newport Hospitality Group, said in a statement.
Phillips Realty Capital is aactive in Washington, D.C. commercial real estate finance, structuring about $1.2 billion in debt and equity transactions a year and servicing a $2 billion loan portfolio on behalf of 25 institutional investors. The company has offices in Bethesda, Richmond and Charlottesville.