Remington Financial Group

One of the areas best contractors interested Remington Financial, Inc. To construct a large scale student housing complex will require financing.

The project began over a decade ago with the construction of real estate near the entrance to the campus. A 20 year client of Remington tested many developers to develop a site but failed to get good results. At last he decided to go for from commencement to auditorium ceasing in rationally 12 months.

The result of the plan was a complex combining retail space, a movie theater and high quality modern student housing, and is which is the largest development in the region built with private financing. In addition to the development helping the university, it symbolizes the foundation of the restoration of the area.

Remington Financial Group was in competition with the developer’s long term relationship bank. Remington Financial had won the deal because of its ability to deliver superior financing to the developer’s many options compared to their competitors. The underwritten construction funding which amounted to almost $61 million was for a two-year term on the basis of interest only. 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.