Bethesda, MD — Phillips Realty Capital announced that it 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, Florida. 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% loan-to-cost ratio with a 36-year term.
“Phillips leveraged their commercial real estate expertise and relationships with key capital sources to secure the financing we needed to proceed with construction without missing a beat,” said Quantum managing partner, DL Dailey. “The Phillips team worked seamlessly with us on the finance component so we could remain focused on development and construction management.”
Quantum’s 1,206-bed residence hall project includes four student-housing buildings at two different locations on the BCU campus. The completed residence halls’ design compliments the historic fabric of the BCU campus and includes high efficiency energy systems and best-of-class student amenities. Each student housing building is comprised of exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas include multipurpose rooms, fitness, lounge, and laundry facilities. Construction is underway, with Phase I expected to be complete in January 2016 and completion of Phase II expected in June 2016.