Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, structured and closed a $4.6 million bridge loan for a 90,245 SF office building located in Midtown, Manhattan (the “Property”). Proceeds of the loan will be used to retire the existing first mortgage loan and provide working capital to the borrower, who has owned this property for 25 years. The Property is located in the heart of Midtown, Manhattan, one of the country’s strongest office markets, and in close proximity to the Port Authority Terminal, Penn Station, Times Square and other major attractions. Dan Palmier, President & CEO of Potomac said “A fellow lender, who recently exited this market, referred this client to us. We expect to see a strong referral business as the market continues to tighten.”
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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