Regional Capital Closes $3.6 Million Bridge and Construction Loan
MARLTON, NEW JERSEY (DEC. 14, 2005) - Regional Capital, a National Real Estate Lending and Investment Company, reports it recently closed a $3.6 million dollar Bridge and Construction Loan for a project located in Vilano Beach, Florida. The project consists of two contiguous parcels one of which contains an existing four-unit, multi-family building and will be converted into condominiums. The other site contains three lots one of which has a single family unit which will be renovated along with two additional ocean front lots that will be constructed at a later date.
The transaction was structured partially as an acquisition loan for the multi-unit building and a refinance of a bridge loan for the lots. Regional will also be providing construction financing to complete the renovation of the condominium site and construction for the single family units. The sites are in an ocean front community known as Vilano Beach which is located in St. Augustine, Florida.
Regional used its newest fund RCG1 to close this transaction. This fund is designed specifically to accommodate loan request for short term Bridge and Construction financing for a variety of property types. Creative structural loan allow the borrower to refinance existing private debt and to make the acquisition of the adjoining site and complete construction.
ABOUT RCG1
Announced IN 2005, RCG 1 is a real estate fund designed specifically to accommodate loan requests that require funding for acquisition, land improvement, construction, rehab and reposition, bridge, joint venture, gap equity and mezzanine. The RCG 1 Fund is projected to close $100 million of loans in the new fund. Capitalizing on the extensive experience of the principals, this new fund will allow RCG to continue a creative approach to real estate lending. The company has specialized in “thinking out of the box” when structuring a loan. RCG will lend on bankable deals without the typical lengthy process of many lenders. This philosophy contributes to RCG being among the most expedient in the industry.
Reports RCG Founder Paul Braungart: "This fund allows RCG to accommodate the lending needs of developers and investors in an under served but rapidly growing area of the real estate lending arena.” The latest fund from RCG offers higher leverage than typical funding sources in some cases for commercial and residential projects. This allows the company to be a lower cost alternative to expensive equity and in many cases allows the borrower to deal with one funding source. RCG 1 will consider loan requests in both urban and rural areas.
ABOUT REGIONAL CAPITAL GROUP
Regional Capital Group, a Direct Commercial Real Estate Lender based in Marlton, New Jersey, provides unique financing for real estate. Regional Capital Group offers an alternative to traditional financing sources with creative loan programs for commercial and residential properties. Funding may take the form of debt, participating debt, equity or mezzanine. Regional Capital Group specializes in a variety of property types, including: multi-family, office, industrial, retail, mixed use, self storage, and residential tract development. Loan programs include land, land improvement, construction, bridge, project rehabilitation, Gap financing, conduit lending, mezzanine loans. For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.
