Posts Tagged ‘remington fg’
$5 000 000 is secured by Remington Financial Group, 103 unit apartment complex in DC are permanently financed by 8 million construction.
Remington Financial Group, Inc. employed Philadelphia headquartered national national apartment owner. In Washington, DC> $5,800,000, for refinancing and renovation, was secured. A condominium conversion was tried after the purchase of the property. Despite this, after fighting two and a half years of legal opposition, instigated by the tenant, including a failed disposition attempt, it was decided to retain the property and use it as a rental.
During RFG’s engagement, the property was in a state of significant disrepair. It was half vacant, and the senior financing for it was in default. RFG overcame these problems to get two bank to commit loans once they saw RFG’s ability to command higher rents from this submarket. All costs for debt refinancing and renovating, plus an interest reserve, was covered 100 percent by this loan. The price was set at prime plus one percent, for a three year term. The loan becomes long term, competitively priced and long term when it stabilises. The borrower had made three other deals through RFG before.
Remington Financial Group, headquartered in Philadelphia, is a national real estate investment bank that arranges and provides bridge, mezzanine, equity, construction and to projects ranging from income producing real estate to residential lot development and condo conversions.
