For more information about Potomac Realty Capital, please contact us at 1-781-972-6800 or via email at info@potomacrc.com
01/29/2007
Potomac Closes $5.3 Million Mezzanine Loan for a Seven Property Portfolio
Needham, MA, - Potomac Realty Capital, LLC (“Potomac”), a full-service provider of bridge, mezzanine and permanent commercial real estate loans, structured and closed a $5.3 million mezzanine loan to finance a 7-property retail and land portfolio located in Coventry and Warwick, RI. Five of the properties are part of the Centre of New England (CNE), a 477-acre mixed use development that is positioned to become one of the region’s premier retail, commercial and residential communities with prominent retailers such as Super Wal-Mart, BJ’s and Home Depot. All of the buildings in the portfolio are 100% leased with no lease expirations until 2011. Also included in the portfolio is a tremendous 29.1-acre vacant parcel of land located in the town of West Greenwich, RI; one of the top 5 wealthiest towns in Rhode Island. The repeat Borrower is an established commercial and residential developer in the state of Rhode Island. “Clients have many options in lenders so when they choose Potomac as their go-to lender, in this case for a fourth time, you know you’re doing something right,” said Dan Palmier, President & CEO of Potomac. “Repeat business is the ultimate return for our exceptional client service, creative financial solutions and quick turnaround. We take great care in cultivating partnerships that result in long-term relationships and this is a prime example of that,” 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 $2 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 clients’ 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
