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angimoats
107 Posts |
 Posted - 10/24/2005 : 2:07:19 PM
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| Looking for a company that offers construction loans in the 50 Mil range. Property is in Atlanta, GA |
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rjthegr8
195 Posts |
Posted - 10/24/2005 : 2:28:47 PM
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| Kennedy Funding |
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lelting
176 Posts |
Posted - 10/24/2005 : 5:58:02 PM
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| I have private money sources who will fund the entire project 100% LTV. Please contact me with additional details |
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Jacqui
202 Posts |
Posted - 10/24/2005 : 6:33:39 PM
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I am interested in this deal. we just recently did a $60.8 Million Construction deal. Just an example to back what we do...One of Philadelphia's top developers engaged Remington Financial Group, Inc. to secure financing to construct Avenue North, a student housing complex located at Temple University's Philadelphia Campus.
The development was initiated over 10 years ago with the assemblage of prime real estate at the gateway of the campus, located on Broad Street. After several failed attempts by notable national developers to develop the site, Tower Investments, a 20 year veteran developer, created a plan that went from conception to ground breaking in approximately 12 months. The plan culminated in Avenue North, a high quality modern student housing, retail and movie theater complex which is the largest privately financed development in North Philadelphia's history. Not only will the project serve Temple, it represents a cornerstone in the revival of the North Broad Street corridor.
Remington was in competition with the developer's existing long term relationship bank. RFG won the deal based on its ability to deliver financing that was superior to the developer's numerous options. The $60,800,000 construction financing was underwritten with a 2 year term on an interest only basis. Loan proceeds were set at 80% of the project's stabilized value without loan-to-cost constraint, an extremely rare benefit extended to the developer through RFG's financing package. The construction financing also contained a provision that allows for the loan to become fully non-recourse when a forward commitment that funds at construction completion is secured.
Remington Financial Group, headquartered in Philadelphia, is a national real estate investment bank that arranges and provides bridge, mezzanine, equity, construction and permanent financing to projects ranging from income producing real estate to residential lot development and condo conversions.
quote:
Originally posted by angimoats
Looking for a company that offers construction loans in the 50 Mil range. Property is in Atlanta, GA
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