BETHESDA, MD - Phillips Realty Capital announced that Weinstein Properties secured $40,000,000 of long-term financing from New York Life Insurance Company to purchase a 334-unit Class A apartment complex 30 minutes north of Dallas, Texas. Phillips Realty Capital Managing Director Charles DuBose structured the long-term, fixed-rate loan.
Located just outside downtown McKinney, Texas at 5201 Collin McKinney Parkway, Century Lake Forest will be rebranded as Bexley Lake Forest. The amenity-rich complex is the third community Weinstein has acquired in the Dallas/Fort Worth market and ninth in the state of Texas.
"We have worked with Phillips Realty Capital to finance properties in our home state of Virginia as well as our expansion into both the Austin and Dallas markets,” said John Lancaster, Co-President and Chief Financial Officer of Weinstein Properties. “Phillips has successfully represented our family-owned and operated business to the capital markets. In this case, they once again successfully managed the financing process with the lender to ensure a smooth, on-time closing.”
“Weinstein has a stellar reputation, and this property is well-suited for their portfolio,” said DuBose. “New York Life Real Estate Investor’s Dallas office was familiar with the property and Weinstein’s business model, thus creating the recipe for another successful transaction. We were thrilled to be part of the deal team.”
ABOUT PHILLIPS REALTY CAPITAL: Phillips Realty Capital is a leader in Washington, D.C. commercial real estate finance, structuring approximately $1.2 billion in debt and equity transactions a year and servicing a $2.5 billion loan portfolio on behalf of 25 institutional investors. Established in 1933 and still privately owned, Phillips has a proven track record of collaborating with premier property owners, lenders, and investors to structure the most competitive transactions available in the market. With offices in Bethesda, Richmond, Charlottesville, and Alexandria, dedicated teams of experts deliver reliable financial analysis, precise valuations, and deep knowledge of capital markets tostructure capital stacks that leverage debt and equity financing to maximize the value of client assets. Read more at www.phillipsrealtycapital.com.
ABOUT WEINSTEIN PROPERTIES: Weinstein Properties was founded in 1962 by Marcus M. Weinstein. Prior to founding Weinstein Properties, Mr. Weinstein developed thousands of single-family homes in the central Virginia area. Since its inception, Weinstein Properties has proudly provided superior customer service and a caring attitude towards our residents and employees. Weinstein Properties now owns and manages over 18,000 apartment homes and is still locally owned and operated by the Weinstein family.
Read more at www.weinsteinproperties.com