Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, structured and funded a $38.2 million loan for a 942-unit multi-family portfolio (the “Portfolio”) located in San Antonio, Texas. The loan was structured as a $33.5 Million first mortgage note and a $4.7 million mezzanine loan. The combined proceeds funded will be used to acquire the Portfolio, and to provide for a minor renovation program and interest reserve. The properties in the Portfolio were built in 1985 and total 765,548 square feet. Forbes Magazine recently rated San Antonio as the second most recession-proof city in the United States. This is evidenced by consistently increasing rents, occupancy rates and population growth, and low unemployment rate. The borrower is a special purpose entity composed of a full service real estate firm and a joint venture between six individual investors. The loan was originated by Potomac’s Jeffrey Weingart, Vice President, Capital Markets. “As a result of the tightened credit markets, this deal fell out of two major shops over the past 6 months. Potomac saw the inherent value of both the market and the Portfolio, and closed the deal in just 21 days. We not only provided the capital they needed, we’ve built a strong relationship that should provide us with many future deals to come,” said Weingart.
“In today’s market, a reliable lender is hard to come by. We have not changed since day one; we are reliable, creative and quick to close deals. This was our 6th deal in 6 weeks and we will continue to fund loans for both new and existing clients across the country,” said Dan Palmier, President & CEO of Potomac.
Potomac finances real estate transactions designed for visionary entrepreneurs who value creative financial solutions, strong relationships and outstanding service. Since its formation in June of 2004, Potomac has originated over $3 billion in commercial mortgage loans. Its 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 us at (781) 972-6800.
Media Contact: Elizabeth Sarhaddi
Vice President, Marketing
Potomac Realty Capital
781.972.0170 ext.6811
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