Regional Capital Closes $1.335 Million Bridge Loan Transaction
Essex County, MA, Site to House 32 Condominium Units
MARLTON, NJ (DECEMBER 21, 2005) - Regional Capital Group, LLC, a national real estate lending and investment company, recently closed a $1.335 million bridge loan for The Ocean Gate, a proposed 32 unit condominium complex located at 233 Beach Road, in Salisbury Township, Essex County, MA.
Paul Braungart, Founder and President of Regional Capital Group, reports that RCG utilized its newest financing fund, RCG1 which allowed Regional Capital Group to approve the loan. The borrower needed to repay a privately held mortgage. “Based on Regional Capital Group’s knowledge of the market and the flexibility of RCG1, we were able to provide our borrower with the answer they needed,” Braungart states.
Located within one block of the beach in Salisbury, MA, the proposed improvements will consist of four, eight-unit, four-story condominium buildings complete with underground garages. They are being designed to take advantage of the ocean and marsh views. The ground level will contain two parking spots per unit along with a small storage area. The second floor will have four flat units containing two bedroom, two full baths, a large kitchen with a breakfast bar, a dining room, a great room and a laundry area.
Additionally, there will be four, two-story townhouses built on the third and fourth floors. These units will each contain two bedrooms, 2.5 baths, a large kitchen with a breakfast bar, a dining room, a great room and a laundry area. All units will have decks offering views of the marsh area or beaches. The buildings will be maintenance free with a new style decorative vinyl siding, Anderson Windows, HVAC is via high efficiency gas heat and central air conditioning, will be standard. Homebuyers will have their choice of cabinets and flooring. Two buildings will be connected with a common area enclosed entrance area consisting of two stair cases and an elevator.
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, equity or mezzanine. Regional Capital Group specializes in a variety of property types, including: multi-family, office, industrial, retail, mixed use, self storage, and residential tract development. Loan programs include land, land improvement, construction, bridge, project rehabilitation, Gap financing, conduit lending, mezzanine loans. For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.