Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full-service provider of bridge, mezzanine and permanent commercial real estate loans, structured and closed a $6 million bridge loan for the development of the Centre of New England (“CNE”) located in the suburbs of West Greenwich and Coventry RI. The CNE is a gated development situated approximately 15 miles south of Providence, Rhode Island and is positioned to be one of the region’s premier retail and residential communities. Both West Greenwich and Coventry are currently undergoing what is projected to be a significant increase in residential dwelling and the Borrower will leverage off this population growth to attract additional retail development to the center. Current anchor tenants in the retail portion of the site include BJ’s, Home Depot and Wal-Mart Super Center. Total projected improvements at the CNE include 1,030 condominiums, 985 apartment units, 300 or more single-family homes, 1.5 million square feet of retail space and 150,000 square feet of light industrial/showroom space. 

“This was a wonderful opportunity to be involved in a one-of-a-kind land development that will clearly make an economic impact on an entire state, as well as the local municipalities,” said Dan Palmier, President & CEO of Potomac. The established New England developer was referred to Potomac for our ability to provide creative financial solutions, with a quick turnaround. The deal was a win-win for both parties; Potomac negotiated a deal with an inter-creditor agreement with its existing lenders and the client was funded in just 10-days. Potomac will also have the opportunity to be involved in financing the additional phases of this high impact project” 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 $1.5 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, Maryland 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.6811