12A — August 12 - 25, 2016 — Financial Digest — Multifamily Financing — M id A tlantic

Real Estate Journal


M ultifamily F inancing

ANAYUNK, PA — Real Property Cap- ital (RPC) closed Barzilay Development engages RPC as an agent to seek financing Real Property Capital closes on a $7,489,283 construction loan for a 50-unit apartment bldg. M buildings that were originally home to the Wilde Yarns Fac- tory built in stages between 1884 and 1984.

$7,489,283 in construction financing for the adaptive reuse of an historic in- dustrial loft into a 50-unit luxury apart- ment c om-

Delaware an ideal region for multifamily development, one where smart development that fits the lifestyle and demands of the market are finding suc- cess, and will likely continue to be successful as Delaware proves itself to be an ideal market for multifamily living and investment. Allison Kerwin serves as group manager and vice president, Delaware com- mercial real estate at M&T Bank. n continued from page 8A Multifamily performs well in Delaware due to smart dev. . . Due to RPC’s extensive expe- rience in financing deals with historic tax credits, they were able to instill confidence in the lender, who comfortably funded their first historic tax credit financing. This transaction ex- pands Real Property Capital’s existing roster of nearly 200 transactions, totaling well close to a billion in total financing. n RPC originated two separate credit facilities on behalf of the client. The first is a $7 million, two year first mortgage con- struction loan that was under- written at 70% of the stabilized value. The second loan is a $489,283 line of credit used to bridge the timing of payments being funded against a historic tax credit that was sold to an investor at settlement. This complicated transaction took over two years to get to closing from the inception of the project. It’s successful outcome is a direct result of the level of attention to detail RPC gives to each client and each deal. According to Brenner Green , president of RPC, finding a suitable lender required an ex- haustive survey of the market that included over 40 lenders, most of whomwere local banks. “Through our diligence and determination, we were able to generate not only a viable but a very attractive financing proposal with a lender that had never been involved in a historic tax credit deal before, and then we stayed with the deal through all of the changes to the project along the way and saw it through to the end.”

Brenner Green

plex located in Manayunk. Barzilay Development en- gaged RPC as an agent to seek financing for the property, consisting of three contiguous

50-unit luxury apartment complex located in Manayunk, PA

Recently Closed Loans

$7,489,283 $3,000,000 $8,500,000 50-Unit Multifamily Construction Horizontal Development Loan Holiday Inn Express Acquisition Loan Manayunk, PA Chesterbrook, PA Lima, OH 70% LTV, 24 Months, 4.5% 50% LTV, 12 month, LIBOR + 275 bps 70% LTV, 10 year, S + 315 bps, Non-Recourse Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19072 • 610-456-9644 • bgreen@realpropertycapital.com

Made with FlippingBook Annual report