Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full-service provider of bridge, mezzanine and permanent commercial real estate loans, closed a $28 million 1st mortgage loan to payoff current debt and fund renovations for a 497 unit waterfront condo conversion community located in Biscayne Bay, FL. The loan carries a rate of LIBOR plus 7.25%, interest only, for a 12-month term. Dan Palmier, President & CEO of Potomac said, “This first-time client was referred to Potomac for our reliability and quick-turnarounds. We closed the loan in less than 30 days.”
Potomac finances real estate transactions designed for visionary entrepreneurs 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. Their mission is to offer innovative financing solutions nationwide for a broad range of real estate types, including those that require more flexible underwriting. 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) 972-6800.
Media Contact: Elizabeth Sarhaddi
Director of Marketing
Potomac Realty Capital
781.972.6811 |
