| 09/10/2007 |
| $13.3 M Bridge Loan Closed for Westchester County Apartment Community |
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Needham, MA – Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, originated and closed a $13,357,250 bridge loan for a 73-unit “value add” apartment community located in Port Chester, New York. The proceeds of the loan will be used to acquire the property and fund an extensive capital improvement program. Planned exterior improvements will enhance the property’s curb appeal. All buildings will be upgraded, and individual units will be outfitted with new appliances, countertops, cabinets, bathrooms and hardwood floors. The borrower is lead by a team with extensive real estate knowledge in the acquisition, redevelopment and asset management of multi-family properties. The borrower will hire an established property management firm to streamline and manage on-site operations. Dan Palmier, President & CEO, of Potomac said, “Westchester County is one of the most affluent areas in the United States with a very strong rental market. With today’s market forcing many potential buyers into rental housing, this is a winning acquisition for the borrower.”
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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