Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, structured and closed a $20 million bridge loan for the conversion of seven military housing communities (the “Portfolio”) to market rate apartment communities. Located in upstate New York, the Portfolio was built in 1987 and consists of seven, Class B multi-family apartment communities totaling 1,000 units. The Portfolio benefits from its close proximity to Fort Drum, home to the 10th Army Mountain Division, the primary economic driver in New York North Country. The borrower is an experienced real estate management company that has developed more than $2 Billion of real estate projects, and managed 1.5 million square feet of commercial space and 6,000 residential units. Loan proceeds will be used to acquire the Portfolio and undertake a $2 million renovation program. “The developer needed certainty of closure for this deal,” said Dan Palmier, President & CEO of Potomac. All of the borrower’s historical banking relationships turned them down and two of them "left them at the altar".  This credit crunch has been a real eye opener, even for most well capitalized and experienced borrowers. At Potomac, we are very bullish about lending today; accordingly, we are raising significant amounts of capital to meet our growing pipeline and customer base.”

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
                          VP, Marketing
                          Potomac Realty Capital
                          781.972.6800 ext.6811