Collins of Potomac closes $7.2m loan for 50,900 s/f SoHo office property

Anna Collins, senior VP of Potomac Realty Capital, LLC, structured and closed a $7.2 million mezzanine loan for a 100% occupied office building located on 22 Howard St. the SoHo neighborhood. Proceeds of the loan will be used to provide equity to the borrower who has owned the property for 20 years. The property contains 50,900 s/f 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."