Phillips Realty Secures $31M Financing for PA Project
- Aug 17, 2017
Woodfield Investments obtained equity financing for a 320-unit Class A luxury community in the Philadelphia suburb of King of Prussia. Phillips Realty Capital Managing Director Adam Bieber closed the $31.3 million transaction. A large global investment management company provided the joint venture equity investment for the acquisition and development of Woodfield’s Valley Forge community.
Located at 580 Goddard Blvd., Woodfield Valley Forge will be proximate to the Valley Forge National Park and Chester Valley Trail. The asset will be part of The Village at Valley Forge, a 122-acre mixed-use lifestyle property conceived as a village with its own town center, known as the King of Prussia Town Center. JBG Cos. developed the upscale retail and dining destination and a CBRE Global Investors fund acquired the asset in May, when it was reported to be nearly 90 percent leased. Current tenants include REI, Nordstrom Rack, LA Fitness, GNC, Ulta, Fogo De Chao, Founding Farmers and Honeyglow.
First Philly project
Woodfield Investments managed to fully fund the project after closing a commercial bank loan and a construction loan back in July, according to Bisnow. The site plan was approved in March 2017.
“The team at Phillips understands our business model and our track record in communities throughout the Mid-Atlantic. We are very happy that they were able to help us find a partner, not just an equity allocator. We are already seeing early synergies from this new partnership in our first project in the dynamic Philadelphia market,” said Woodfield Investments Development Associate Rick Rowland, in prepared remarks.
According to Yardi Matrix data, Woodfield at Valley Forge will feature 18 studios, 192 one-, 105 two- and five three-bedroom units.
The property will include:
- a swimming pool
- fitness center
- flex work space
- pet spa
- sky lounge
- 493 parking spaces
“Phillips was privileged to work on behalf of Woodfield to structure this exciting opportunity, which marks their re-emergence into the greater Philadelphia market. Their experience, track record and thoughtfulness in design and execution will undoubtedly deliver a best-in-class community,” said Bieber.
Until now, no groundbreaking date has been set but Woodfield estimates the first delivery of units in the fall of next year. The new development will join two multifamily projects in the Village at Valley Forge developed by the Bozzuto Group: Indigo 301 and senior living community Canvas.
Image courtesy of Woodfield Investments
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