Needham, MA - Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, arranged a $31 million permanent loan for a 507-unit apartment complex located in Birmingham, AL. The loan was converted from an acquisition bridge loan, funded by Potomac 24 months prior, which also provided $2.5M in renovation capital. Structured as a Freddie Mac first mortgage, the 7-year/IO loan carried a rate of 5.8%. Dan Palmier, President & CEO of Potomac said, “There is tremendous synergy between our structured finance loans and permanent loans. As a one-stop-source of capital, our goal is to partner with all of our clients when their needs call for permanent financing.”
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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