Potomac Realty Capital, LLC announces the Funding of Whispering Woods Apartments Townhouse Complex in Baltimore, Maryland

Needham, MA  – On April 28, Potomac Realty Capital, LLC (“Potomac”) closed a $13 million bridge loan on a 299-unit multifamily property located in Middle River, Maryland. The bridge loan, carrying an interest rate of 295 bps over the one-month LIBOR index, provided the borrower with the necessary capital to refinance the existing first mortgage debt on the property which carried a less favorable interest rate.  Furthermore, the remaining proceeds were used to return invested capital to the borrower’s equity partners.  Potomac was able to deliver the closing in less than 30 days.

Potomac is a full-service provider of customized financing for bridge, mezzanine, preferred equity and permanent real estate loans. Palmier, who previously held executive positions at Lehman Brothers Holdings and Arbor Realty Trust, has more than 20 years of experience in commercial real estate. He formed PRC to offer innovative financing solutions for various types of deals, including those that don’t meet strict underwriting guidelines. “We look past the numbers to see the intrinsic value of the deal,” he said.  The company is based in Needham, MA.

Media Contact: Caroline Murphy, 781-972-0170, ext. 278