| 11/30/2005 |
| $24 Million Bridge Loan for Tampa Condo Conversion |
| |
Needham, MA, Potomac Realty Capital, LLC (“Potomac”), a full-service provider of bridge, mezzanine and permanent commercial real estate loans, structured and closed a $24 million first mortgage bridge loan, for the acquisition of a 244-unit apartment community located in the affluent Old Carollwood section of Tampa, Florida. This highly-leveraged transaction was structured to allow for renovations and the conversion of the property into luxury condominium units. Dan Palmier, President and CEO of Potomac said, “Due to our creative financing, the Borrower was able to utilize the loan proceeds to acquire and improve the property prior to converting the complex into luxury multi-unit condominiums. This transaction was funded in 30 days from application and demonstrated Potomac’s ability to finance and rapidly execute highly-complicated deals.”
Potomac finances real estate transactions designed for visionary owners who value creative financial solutions, strong relationships, and outstanding service. Since it was formed in June of 2004, Potomac has originated over $1 billion in commercial mortgage loans. Potomac was formed to offer innovative financing solutions for various types of transactions, including those that don’t meet strict underwriting guidelines. “We look past the numbers to see the intrinsic value of the deal. Always keeping our client’s needs in mind, together with our customers, we create value.” said Palmier. Potomac is headquartered in Needham, MA, with offices in New York, Miami and Atlanta. For more information regarding Potomac Realty Capital, please contact Dan Palmier at (781) 972-0170
Media Contact: Elizabeth Sarhaddi
Director of Marketing
Potomac Realty Capital
781.972.0170 ext.288 |
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