Targeting Florida, Regional Capital Group Provides
$600,000 In Equity Funding To Acquire $27 Million St. Augustine Site
The St. Augustine project - expected to have a sell out of in excess of $120 million
when complete - is one of several projects that RCG has completed in the Florida region.
MARLTON, NEW JERSEY (March 2006) - Regional Capital Group (RCG), a National Real Estate Lending and Investment Company, recently provided $600,000 in equity funding to assist in the acquisition of a $27 million mixed use facility which will consist of a combination of residential units, boat slips, operating marina, and a restaurant located in St. Augustine, FL. Additionally, Regional Capital Group coordinated with its Florida Office to arrange the acquisition financing of $17.5 million through a local commercial bank.
According to Regional Capital Group officials, the total purchase price of the project was $27 million. The project is expected to have a sell out of in excess of $120 million when complete. The buyer is a group of experienced real estate developers who provided the balance of the equity for the transaction. “Regional Capital Group provides unique financing for real estate - offering alternative and traditional funding sources with creative loan programs for commercial and residential projects,” reports Paul Braungart, founder and president of Regional Capital Group.
ABOUT RCG 1
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.
