Needham, MA – On April 29, 2005, Potomac Realty Capital, LLC (“Potomac”) closed a $21 million bridge loan on a 544-unit multifamily property located in Baltimore, Maryland.  The bridge loan, with an interest rate of 295 bps over the one-month LIBOR, provided the borrower with the necessary capital to refinance the existing first mortgage and mezzanine debt on the property. Furthermore, the Potomac bridge loan will enable the borrower to realize gains in NOI at the property while they reposition the asset for permanent financing.  Potomac was able to deliver the closing in less than 30 days.

Potomac Realty Capital, formed in June 2004 is a full-service provider of customized financing for bridge, mezzanine, preferred equity and permanent real estate loans. Potomac was formed to offer innovative financing solutions for various types of real estate deals, including those that don’t meet strict underwriting guidelines.   The company is based in Needham, MA.