Potomac Realty Capital, LLC structured and closed an $8.1 million permanent loan for a 121-unit apartment complex . The property is located a short walk from Southern Illinois University (SIU), positioning it as an in-demand alternative to the limited on-campus student housing. The borrower is an experienced local developer whose portfolio includes 462 units at six properties near the SIU campus. The borrower needed a quick closing so Potomac funded a bridge loan for the property in late 2007, with some stabilization they were able to re-finance the property into a longer term fixed rate.
"Our goal is to make every client a repeat client," said Dan Palmier, president & CEO of Potomac. "The synergy between our products is seamless. We look forward to continuing to provide a one-stop source of capital to entrepreneurs throughout the country." Tags: