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Brokerage
Posted: December 7, 2007
Potomac Realty Capital structures and closes an $8.4 million bridge loan
Potomac Realty Capital, LLC, a full service commercial capital provider, structured and closed an $8.4 million bridge loan for the acquisition of a 121-unit apartment complex. The property is located 85 miles southeast of St. Louis and a short walk from Southern Illinois University (SIU). The close proximity to SIU positions the property 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 expects to gain operational efficiencies as they integrate the property into their local portfolio. The property underwent an expansive capital improvements program in 2006 including renovations to 95 of the 121 units. Renovations included fully furnishing each of these units with a 42' Plasma TV, couch, coffee table, love seat, computer desks, beds, and lamps. A portion of the immediate needs escrow will be used to renovate the remaining 26 units and complete the repositioning process.
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