Needham, MA, - Potomac Realty Capital, LLC (“Potomac”), a full-service provider of bridge, mezzanine and permanent commercial real estate loans, structured and closed a $7.5 million bridge loan for the acquisition, refinance and redevelopment of the landmark Dreamland Theatre on toney Nantucket Island. Built in 1829, the historic site was purchased by an experienced Boston-based real estate investor and developer. The developer proposes to expand to a 400-seat theatre for movies and live performances, two full-service restaurants, four office condominiums and four luxury residential condominiums. They also plan to add 9,170 square feet to the building’s 12,770-square-foot space.
This developer hand-picked Potomac for our local market knowledge and reputation for providing innovative financial solutions. Our team worked diligently to fund the complex deal in record time in order to assist this developer in realizing his vision for the property. The purposed condominium units are well positioned to sell out quickly given the demand for residential property and their prime location on Nantucket”, 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
|
