RFG secures $12,112,000 permanent financing for a 224-unit apartment complex, Pensacola, FL

Remington Financial Group, Inc. secured a $12,112,000 non-recourse permanent mortgage to refinance a 224-unit apartment complex in Pensacola , Florida .  The 80% LTV, 10-year fixed mortgage is amortized over 30 years.

The principals acquired the property in September 2004, right as Hurricane Ivan hit Pensacola .  Ivan caused substantial damage to a number of the buildings.  After upgrading most of the units, the principals were able to substantially increase rents in 18 months.  In addition, the principals changed the tenant mix that decreased tenant rollover.  Both of these factors greatly increased the cash flow of the property.  RFG, recognizing the added value, was able to structure a loan that allowed the principals to not only recoup over 100% of their original equity investment in less than 18 months of ownership but also secure the lowest rate among all competing lenders.

$140,000,000 Debt/Mezzanine Portfolio Acquisition Financing  

 Remington Financial Group, Inc., headquartered in Philadelphia, PA secured $140,000,000 of senior and mezzanine acquisition financing on behalf of a joint venture formed between CNL and American Retirement Corporation (ARC). The high leverage floating rate senior debt and mezzanine financing was priced above libor and provided by a portfolio lender. The financing enabled CNL/ARC to complete the acquisition of four existing Town Village independent living communities; 3 of the 4 are located in the Dallas, TX market area and the fourth is located in Kansas City. The properties are 4-5 years old class A assets that have not been operated to their fullest potential by the developer and seller of the portfolio.   ARC, regarded as one of the best senior living property operators in the country, will lead the business plan to improve operations with the implementation of high margin services offered to tenants and to provide a higher quality food service. CNL, headquartered in Orlando FL, is one of the largest institutuonal owners and investors in the the US.  CNL,  provided a majority of the equity to the joint venture primarily for two reasons; its comfort level in achieving the portfolio's projected upside and its relationship with ARC that is founded on past successful joint venture transactions.   RFG quickly understood the borrower/operator's business plan and its complex financing needs and was able to articulate to a limited number of highly qualified lenders and investors. Within 24 hours, RFG secured a term sheet from a portfolio lender that ultimately closed under an extremely tight time frame with the exact terms as quoted in the term sheet. The financing included a piece of mezzanine bridge financing that will be repaid as the joint venture is recapitalized with cash equity.

 $35,000,000 Condominium Construction Financing, Manhattan, NY   Remington Financial Group, Inc., headquartered in Philadelphia, PA secured $35,000,000 of land acquisition and construction financing on behalf of a Developer to build luxury condominiums in lower Manhattan. Despite a back-drop of  lenders' increasing concerns with over-supply in the New York City metro area, Remington competed against the Developer's long standing relationship lenders and 3 other brokers and investment banks. In the end, RFG was awarded the transaction due to securing a loan with the appropriate leverage, accommodating structure and competitive pricing.   Remington was able to structure the financing to meet the Developer's specific needs, such as funding over a one third of the total commitment amount to complete the land acquisition, perform land remediation, the GC bidding process, setting up a sales center and generating pre-sales. Once this stage is completed, the balance of the loan will fund the vertical construction.

Remington Financial Group in an unsettled market is consistent and stable. Their unprecedented Analysis, Service, Commitment and Communication are what sets them apart. When the recent market is doom and gloom all they want to know is “HOW CAN WE HELP”. Whether it be an Investment Opportunity, International Development, or a Challenging Problem, Remington Financial Group stays committed to finding Creative Competitive Financial Solutions.

Thanks RFG for your great communication and constant commitment.
- R. Ramsey II

If issues arise with a transaction, RFG always puts forth great effort to recognize it, and immediately responds to our clients with solutions. RFG’s servicing of commercial loans and requests during Due Diligence is the fastest I’ve ever seen. RFG uncovers the true merit of the deal and creates options for financing that traditional sources cannot.
- J. Medlock

When dealing with financial transactions, you need a company that has a proven track record, cares about their clients and understands the importance of each project. RFG not only possess these traits, they also provide many other attributes that make their organization one of the best in the business. I look forward to long and successful relationship with RFG.
- B. Owens

Because of its expertise with alternative financing, RFG is the only group that will look at certain projects – it doesn’t shy away from challenging deals. I work with programs that no one else can work with and I can’t do that without a company like RFG
- J. Couch

I was attracted to RFG because the company is fairly aggressive when it comes to making a deal, and it has a good history of recent closes. The people at RFG are responsive and return my email or phone messages immediately. The originators go out of out of their way to answer not only my questions, but questions directly from my clients. Remington’s LOI and due diligence policies are spelled right out – there is no confusion. If the client can meet the requirements and has a good deal planned, securing funding through RFG should be no problem.
- C. Hanley