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Silver Spring, Md. — Phillips Realty Capital has arranged $22.5 million in permanent financing for WesTech Corner, a 41,262-square-foot shopping center in Silver Spring, six miles north of Washington, D.C.
Mark Remington of Phillips Realty Capital arranged the loan through United Bank on behalf of the borrower, Rappaport, which acquired the property in 2014. WesTech Corner was fully leased at the time of financing to tenants such as Five Guys, Chick-fil-A, Qdoba Mexican Grill, Fridays, Panera Bread, IHOP and Capital One Bank.