Remington Financial Group gains financing of $60.8 Million

Remington Financial Group gains financing of $60.8 Million for a large scale student housing project One of the areas best contractors interested Remington Financial, Inc. To build a large scale student housing complex, financing must be secure.

With prime real estate located just at the edge of the campus, development began in earnest over 10 years ago. Known nationwide developers attempted but failed to develop the place, but Remington's client, a seasoned developer for 20 years made a plan from conceptualization to the formal beginning of the project in about 12 months. The result of the plan was a complex combining retail space, a movie theater and high quality modern student housing, and is which is the largest development in the region built with private financing. This project will be as good for the university as it will be for bringing this area back to life.

Remington Financial Group was in competition with the developer’s long term relationship bank. To be able to win the deal, Remington Financial had to offer financing options better than the ones offered by the developer himself. The construction business is worth nearly sixty-one million dollars and had a two year term. 80 percent of the project's stablized value was from loan proceeds; which was a very unexpected benefit to the developer because of RFG's financing package. The construction financing also contained a provision that allows for the loan to become fully non-recourse when a forward commitment that funds at construction completion is secured. Remington Financial Group is a leading banking investment firm which arranges and provides bridge, mezzanine, equity, construction and permanent financing to projects ranging from income producing real estate to residential lot development and condo conversionshaving headquarters in Philadelphia.