Needham, MA, Potomac Realty Capital, LLC (“Potomac”), a full-service provider of bridge, mezzanine and permanent commercial real estate loans, structured and closed a $11.5 million first mortgage loan, for a recently renovated, 190-unit, multi-family property in Baltimore, Maryland. The 10-year deal, written with second mortgage capability, carries a fixed rate of 5.84%, with a 5-year interest only period. Potomac enabled the Borrower to refinance its existing bridge loan which was used to fully renovate the property and return investor equity all in less than 30 days.
“This is an excellent example of the synergy between our interim and permanent finance products, said Dan Palmier, President & CEO of Potomac. “Once again, this borrower had the confidence in Potomac to develop a competitive financing solution. Providing reliable service and developing lasting partnerships are fundamental to our business and we are very pleased to have demonstrated our ability to be a one-stop source of commercial real estate financial solutions,” added Palmier. 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
|
