Regional Capital Group closes a $7.7 Million Senior Acquisition and Refinance Loan on a Retail Project just outside of Music City, USA.
SMYRNA, TENNESSEE (January 2008) - Regional Capital Group (“RCG”) closed a $7.7 Million bridge loan secured by 1st mortgage lien on an approximately 26.15 acres of land located just outside of Nashville, Tennessee. The project is a proposed retail shopping center anchored by a major retailer. The project is an assemblage of three parcels, two of which, indebted by a senior and a mezzanine loan were being refinanced as part of RCG’s transaction while acquiring the third.
The Borrower was under extreme pressure from the mezzanine lender to meet certain criteria by a given deadline or run the risk of losing controlling interest in the project. Both the Borrower and RCG were unaware of these circumstances prior to closing, putting additional pressure on RCG and the Borrower. After multiple negotiations and RCG’s ability to structure a mutually agreed upon solution for all parties; RCG was able to approve the deal within one weeks time and close soon thereafter. RCG ability to be flexible, innovative and creative when they and/or their Borrower(s) are faced with adverse conditions highlights why they are able to win these projects and Borrowers. RCG provided the funds necessary to take-out the senior and mezzanine lenders and to acquire the third parcel simultaneously.
The subject property is located approximately 15 minutes outside of downtown Nashville, TN on one of the major retail corridors in the area. This major retail thoroughfare has absorbed over 322,000 SF of retail space over the last few years, yet still maintains a 94.00% occupancy rate. With little or no vacant land left to build on in this area, the highly experienced developers have designed another winning project. RCG approved this loan based on the strength of the market place, the experienced and knowledgeable developers and the executed the lease with the major retailer.
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.
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.
For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.
