Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, structured and closed an $8.4 million bridge loan for the acquisition of a 121-unit apartment complex located in Carbondale, Illinois (the “Property”). The Property is located 85 miles southeast of St. Louis and a short walk from Southern Illinois University (“SIU”). The close proximity to SIU positions the Property as an in demand alternative to the limited on-campus student housing. The borrower is an experienced local developer whose portfolio includes 462 units at six properties near the SUI campus. The borrower expects to gain operational efficiencies as they integrate the Property into their local portfolio. The Property underwent an expansive capital improvements program in 2006 including renovations to 95 of the 121 units. Renovations included fully furnishing each of these units with a 42’ Plasma TV, couch, coffee table, love seat, computer desks, beds, and lamps. A portion of the immediate needs escrow will be used to renovate the remaining 26 units and complete the repositioning process.  “We have extensive experience in the student housing sector,” said Dan Palmier, President & CEO of Potomac. “We look forward to continuing to provide capital to entrepreneurs who focus on this niche throughout the country.”

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
                          781.972.6800 ext.6811