Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full-service provider of bridge, mezzanine and permanent commercial real estate loans, arranged and provided non-recourse acquisition financing for the acquisition and renovation of two mid-rise apartment properties totaling 625 units in Fort Lauderdale, FL. Potomac structured and closed a $48.7 million acquisition loan structured as a $43 million first mortgage and a $5.7 Million subordinate mezzanine loan. The first piece carries a fixed, interest only, rate of 5.99%.
The 10-year interest only mezzanine loan floats over a 30 day LIBOR index and provides for renovations of the properties. Renovations will include improvements to the overall site, common areas, and within each unit. The properties are centrally located approximately 8 miles northwest of Fort Lauderdale’s central business district. The combined occupancy rate of 97% makes this a tremendous addition to the client’s portfolio. The repeat Borrower is an experienced multifamily owner/operator with equity interests in over 40,000 units nationwide.

“Providing creative financing solutions for unique transactions is something that Potomac excels at,” said Dan Palmier, President & CEO of Potomac. “We combined our structured products with a CMBS execution to provide this repeat customer a high leveraged solution, all within 30 days of application. Proving once again, that with the right real estate finance expertise and business partnerships, we create value for our clients”, added Palmier.