PHILADELPHIA, July 25, 2017 (GLOBE NEWSWIRE) -- Rittenhouse Capital Advisors announced today that it arranged $4,000,000.00 in acquisition financing for a commercial parcel which is under a long-term lease with convenience store chain Royal Farms. The parcel is located in the Bridesburg section of Northeast Philadelphia.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4c29b6b1-11bc-4be9-8c0b-778c066ac05f
The financing, placed with a bank balance sheet lender, provided a 7-year fixed rate at 4.15% with a 10-year term and a 20-year amortization. The loan also featured limited recourse and a highly flexible prepayment structure.
In spite of the tight timing requirements of the sales contract, along with the buyer's tight window to complete a 1031 tax-free exchange, Rittenhouse Capital was able to manage a closing process that was completed within 25 business days. Sam Oropeza, a recent addition to the Rittenhouse debt team, was instrumental in helping to make the deal happen. Rittenhouse Capital's President & CEO, George Johnson, stated: "This loan was a great example of our ability to deliver terms for our client that aligned perfectly with their objectives. Additionally, while RCA is perhaps best known for placing multi-family debt, this loan is another great example of our of ability to deliver for our clients who own commercial properties as well.”
Rittenhouse Capital Advisors is a debt and equity firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate assets, including but not limited to: multi-family, student housing, industrial, retail, and healthcare throughout the United States.
Press Contact: George Johnson President & CEO 215-454-2852
Source:Rittenhouse Realty Advisors