Phillips Realty Closes $85 Million Loan for Florida Student Housing Project

June 4, 2015— Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s (Quantum) student residence development on the campus of Bethune-Cookman University...

June 4, 2015— Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s (Quantum) student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach.

The Silver Spring, Maryland-based developer is building student residence facilities that will be leased back to BCU.

Phillips Realty Capital Managing Director Brian Boland structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term.

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