Needham, MA – Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, originated and closed a $2.25 million bridge loan for a 152-unit apartment community ( the “Property”) located in Birmingham, Alabama. The proceeds of the loan will be used to acquire the Property, as well as to fund capital improvements and ancillary closing costs. The Property is nearby local retail amenities and just four miles from Birmingham’s central business district. The Property is 100% leased, a testimony to Birmingham’s strong rental market. The borrowers are experienced real estate entrepreneurs who have successfully operated and sold many properties in the greater Birmingham area. To spearhead improvements, the borrowers have hired an experienced regional property management firm with more than 6,500 multi-family units under management throughout the South, Midwest and Mid-Atlantic regions. Dan Palmier, President & CEO of Potomac said, “One of our competitors shut down its “spigot of capital” so the borrower came to us for a quick close.”
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 $3 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
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