Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, structured and closed a $7.2 million mezzanine loan for a 100% occupied office building located in the SOHO section of Manhattan (the “Property”). Proceeds of the loan will be used to provide equity to the borrower who has owned the Property for over 20 years. The Property is located in one of the country’s strongest office markets, with excellent access to public transportation, nautical commerce, airports and interstate roadways. The Property was built in 1915 as a traditional garment loft building and contains 50,900 SF of leasable space. Dan Palmier, President & CEO of Potomac said “This first-time client was looking for a creative way to unlock equity he had built up in the Property, so that he could continue to expand his real estate holdings. Potomac created a unique structure and closed in 21-days.”
Potomac finances real estate transactions designed for visionary entrepreneurs who value creative financial solutions, strong relationships and outstanding service. Since its formation in June of 2004, Potomac has originated over $3 billion in commercial mortgage loans. Its 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
Vice President, Marketing
Potomac Realty Capital
781.972.0170 ext.6811
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