Regional Capital Closes $2.685 Million Dollar
Bridge Loan Transaction
Located in Chester County, the project sits next to an assisted
living complex, a daycare center and a bank. The proposed improvements will consist of two, 32-unit, four-story, age-restricted condominium buildings
and 54 underground garages.
MARLTON, NEW JERSEY (October 2, 2005) - Regional Capital Group, LLC, a national real estate lending and investment company, reports it recently closed a $2.685 million bridge loan for The Fountains at Westtown, a 64 unit age restricted condominium complex located on Route 202, in Westtown Township, Chester County, PA.
The borrower needed to tap some of the equity from this project in order to complete the entitlement process and payoff two exiting mortgages that had matured. Paul Braungart, Founder and President of Regional Capital Group, reports that Regional Capital Group (RCG) utilized its newest financing fund, RCG 1 which allowed RCG to approve the loan within one week. “Based on our knowledge of the market and the flexibility of RCG 1, we were able to provide our borrower with the quick answer they needed,” Braungart reports.
Located in Chester County, the project sits next to an assisted living complex, a daycare center and a bank. The proposed improvements will consist of two 32-unit four story, age-restricted condominium buildings and 54 underground garages. The buildings will be rectangular shaped with a covered front entrance and an outdoor courtyard at the rear. The underground garages (parking spaces) are for individual purchase.
Announced earlier this year, RCG 1 is a real estate fund designed specifically to accommodate loan requests that require funding for acquisition, land improvement, construction, rehab and reposition, bridge, joint venture, gap equity and mezzanine. The RCG 1 Fund is projected to close $100 million of loans in the new fund. Capitalizing on the extensive experience of the principals, this new fund will allow RCG to continue a creative approach to real estate lending. The company has specialized in “thinking out of the box” when structuring a loan. RCG will lend on bankable deals without the typical lengthy process of many lenders. This philosophy contributes to RCG being among the most expedient in the industry.
Reports Braungart: "This fund allows RCG to accommodate the lending needs of developers and investors in an under served but rapidly growing area of the real estate lending arena.” During his tenure in the real estate finance field, Braungart has directed the funding of over $2 billion of real estate loans. The latest fund from RCG offers higher leverage than typical funding sources in some cases for commercial and residential projects. This allows the company to be a lower cost alternative to expensive equity and in many cases allows the borrower to deal with one funding source. RCG 1 will consider loan requests in both urban and rural areas.
ABOUT REGIONAL CAPITAL GROUP
Regional Capital Group, a Direct Commercial Real Estate Lender based in Marlton, New Jersey, provides unique financing for real estate. Regional Capital Group offers an alternative to traditional financing sources with creative loan programs for commercial and residential properties. Funding may take the form of debt, participating debt or mezzanine.
Regional Capital Group specializes in a variety of property types, including: multi-family, office, industrial, retail, mixed use, self storage, churches, limited and full service hotels and residential tract development. Loan programs include land, land improvement, construction, bridge, project rehabilitation, church loans, Gap financing, conduit lending, mezzanine loans.
For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.