Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, closed a $14.5 million bridge loan for the refinance and renovation of a Wyndham Hotel (the “Hotel”), located in Boca Raton, Florida. Despite the downturn in tourism, Boca Raton is a very strong hospitality market enjoying steady increases in revenue per available room over the last four years. The borrower will complete $1 million in extensive renovations. The renovations are expected to be completed in fall of 2009. Dan Palmier, President & CEO of Potomac said, “The two year bridge loan will provide the borrower with the capital to renovate the property in time for tourist season and quickly capitalize on the luxury hotel brand in a high-end market.
Potomac finances real estate transactions designed for visionary entrepreneurs who value creative financial solutions, strong relationships and outstanding service. Since it was formed in June of 2004, Potomac has originated over $2 billion in commercial mortgage loans. Their mission is to offer innovative financing solutions nationwide for a broad range of real estate types, including those that require more flexible underwriting. Potomac is headquartered in Needham, MA, with offices in New York, Miami, Maryland and Atlanta. For more information regarding Potomac Realty Capital, please contact Dan Palmier at (781) 972-6800.
Media Contact: Elizabeth Sarhaddi
Vice President, Marketing
Potomac Realty Capital