Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, originated and closed a $5.1 million bridge loan for the acquisition and renovation of a recently converted Days Inn hotel (“the Hotel”), located in Arcata, California. The Borrower selected the Hotel for its full amenity package and desirable location in a strong hospitality market. The Hotel will benefit from Days Inn’s strong name recognition as well as their reservation system and rewards program designed by parent company, Wyndham Worldwide. Arcata is located in northwest California along the area’s primary travel corridor, Route 101, and is home to Humboldt University, a significant demand generator. The Borrower, a seasoned West Coast hospitality operator, specializes in re-positioning assets in this sector. Dan Palmier, President & CEO of Potomac said, “Having a quick and reliable source of capital able to close the deal is critical to all Borrowers. This is our third transaction with this Borrower and our speed and attention to customer service has transformed them into a loyal repeat client. We have five more deals to close for them in 2007.”
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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