| 07/03/2007 |
| Potomac Closes $20 Million Permanent Loan for Florida Multi-Family |
| |
Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, arranged $20 Million in financing for the acquisition and renovation of three multi-family properties totaling 400 units located in Jacksonville, FL. The ten year loan was structured as a $15 Million first mortgage loan with Fannie Mae and a $5 Million mezzanine loan. “This is an excellent example of the synergy between our interim and permanent finance products, said Dan Palmier, President and CEO of Potomac. The properties were in Potomac’s bridge loan portfolio and we were able to transition them into our permanent portfolio and provide a more beneficial structure.”
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
VP, Marketing
Potomac Realty Capital
781.972.6811 |
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