Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, structured and closed an $8.9 million bridge loan for a student housing property located in North Carolina (the “Property”). Strategically located directly across from Campbell University, the Property is an 82-unit, Class A student community that was built in 2005. The Borrower will use the loan proceeds to acquire the Property and undertake a $1.7 million renovation program that will transform the Property into the only full amenity community housing property available to students on-campus. The borrower has extensive experience in the student housing market with 2,000 units currently under ownership and/or management. “This is the fourth student housing property we have funded for this client over the last few months,” said Dan Palmier, President & CEO of Potomac. “We expect to close another within weeks which is a testimony to our ability to deliver competitive programs in this niche.”
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 |
