Remington Financial Group

A substantial student lodging center was funded for $60,800,000 by the Remington financial group.
One of the areas best contractors interested Remington Financial, Inc. To construct a large scale student housing complex will require financing.

With prime real estate located just at the edge of the campus, development began in earnest over 10 years ago. Known nationwide developers attempted but failed to develop the place, but Remington’s client, a seasoned developer for 20 years made a plan from conceptualization to the formal beginning of the project in about 12 months. The preparation came together producing the biggest modernistic, privately financed, multifaceted growth of student housing, movie theater and retail stores. In addition to the development helping the university, it symbolizes the foundation of the restoration of the area.

There was competition between the developer’s long term banking institution and the Remington Financial Group. To be able to win the deal, Remington Financial had to offer financing options better than the ones offered by the developer himself. The construction business is worth nearly sixty-one million dollars and had a two year term. 80 percent of the project’s stablized value was from loan proceeds; which was a very unexpected benefit to the developer because of 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 is a leading banking investment firm which arranges and provides bridge, mezzanine, equity, construction and permanent financing to projects ranging from income producing real estate to residential lot development and condo conversionshaving headquarters in Philadelphia.

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