Needham,  MA, - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, originated and closed a $3 million bridge loan for the conversion and renovation of a hotel property located in Roanoke,Virginia. Built in 1925, the property is on the Register of Historic Places and has operated as a 127-room, all-suite hotel and apartment residence since 1988. The Borrower plans to convert the hotel into a multi-use property that will include 104 senior living rental units, commercial storefront lease spaces and a banquet facility. The renovations will include upgrades to the mechanical and electrical systems, construction of a new commercial kitchen, reconstruction of the upper hotel room floors and refurbishment of the common lobby. Dan Palmier, President & CEO of Potomac said, “The conversion is well positioned for success due to the property’s central location and strong demographics.  This was Potomac’s seventh loan with this repeat borrower and its first senior living project. We were able to close the deal within 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
                          VP, Marketing
                          Potomac Realty Capital
                          781.972.6811