Regional Capital Group Provides $3.65 Million for Third Phase of Washington Crossing 27-Acre Business Park Development Project

Manatee County - Bradenton, Florida - ranked in the top four growing Industrial Markets in the United States - showing no signs of slow down. Developers to focus on developing flexible business and commerce parks offering affordable "Smart Space" leasing opportunities.

Bradenton, Florida (November 2006) – Regional Capital Group (RCG) a national specialty real estate lending and investment company closed a $3,650,000 acquisition/ bridge loan for a Tampa Bay based development firm. RCG provided the funds needed by the Developers to acquire an additional 8.3 acre parcel, which is part of a 27-acre site which is known as Washington Crossing. The property has almost a half mile of road frontage and tremendous visibility along US301, one of the Major North/South Corridors in Manatee County.

The property is just North of University Parkway which divides Manatee and Sarasota Counties and is within a mile of the Sarasota/Bradenton International Airport. The developers are focused on developing flexible business and commerce parks offering affordable, high quality, Wi-Fi-ready commercial condominium ownership and leasing opportunities for surrounding small to medium sized businesses. The market has a vacancy rate of 5.00 percent, which is well below the market average vacancy rate of 8.00 percent, proving that there is a demand for industrial/ condominium warehouse space.

The Developers have franchised their “Smart Space” concept (known as Flex Space) into a business plan which provides them the flexibility to accommodate different types of users. The developers have three other similar properties, two of which are completely sold out and the third was just recently completed. A ‘built-to suit’ model allows them the flexibility to provide space for any individual or large company and each unit is designed for the specific needs of the user.

The project is located on US Route 301 in Manatee County, Florida and it has been designed to combine light industrial, light assembly, warehouse, showroom, distribution, R&D, service center offices, professional offices and even retail uses all located on the same site. The site will include four “Smart Space” buildings totaling 164,000 square feet in addition to four pad sites. The pad sites will accommodate an office user, hotel, bank, and gas/convenience store. The developer will be selling each of the pad sites “shovel ready” but plans to construct the “Smart Space” buildings.

“This is the third phase of funding provided to the developers for this project”, reports Paul Braungart, President of RCG. As a result of Regional Capital Group's expertise and knowledge of the market and the flexibility of their funding capabilities they were able to provide the borrower with the funds needed in the time frame requested.

Regional Capital specializes in finding solutions to situations that may not fit for other lenders and has the ability to accommodate short-term loan requests, Construction, Bridge and Mezzanine financing for a variety of property types. RCG’s team analyzed the project, studied the market and because of their flexibility and experience, they were able to provide the Borrower with the financing needed for in a short period of time.

ABOUT REGIONAL CAPITAL GROUP

Regional Capital Group, a Direct Commercial Real Estate Lender based in Marlton, New Jersey, provides unique financing for real estate. RCG 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 and loan programs.

For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.