Potomac completes $4.6 million bridge loan

Potomac Realty Capital, LLC structured and closed a $4.6 million bridge loan for a 90,245 s/f office building. Proceeds of the loan will be used to retire the existing first mortgage loan and provide working capital to the borrower, who has owned this property for 25 years. The property is located near the Port Authority Terminal, Penn Station, Times Sq. and other major attractions. Dan Palmier, president & CEO of Potomac said, "A fellow lender, who recently exited this market, referred this client to us. We expect to see a strong referral business as the market continues to tighten."