RM Capital Arranges $30.65 Million Financing for Newport Commons Apartment Complex
New York, NY – RM Capital announced today they have arranged $30.65 million of first mortgage financing and preferred equity for Newport Commons I and II, a multifamily development located in Lititz, a desirable suburb in north central Lancaster County, PA. The ten-year CMBS mortgage features a competitive fixed-rate and a two year interest only period. The preferred equity was structured to allow the borrower to hyper-amortize the principal without penalty.
The 293-unit residential development consists of one, two, and three bedroom apartments and features state-of-the-art amenities including an outdoor pool, fitness center and business center. Built in 2006, this outstanding property was designed to embrace the surrounding historic community. The property is situated on 42 expansive acres surrounded by Lancaster County farmland.
Co-Managing Directors of RM Capital, Marc Sznajderman and Romano Tio, and Director Steven Weiss executed the transaction. RM Capital leveraged its long-standing relationships and market knowledge to obtain a 73% loan-to-value. “The loan allowed the borrower to repay a floating rate bridge loan and lock in highly attractive, long term fixed-rate financing,” said Sznajderman, “The incremental proceeds provided by the preferred equity enabled the borrower to accomplish its objectives.” RM Capital is a private real estate investment banking and merchant banking firm based in New York. Its principals have extensive and diverse backgrounds including hedge fund, advisory and principal investment experience, and have acted as a principal or agent on transactions with a combined value of over $5 billion.