Conshohocken, PA, June 01, 2020 --(PR.com
)-- Developers James Romano, Christopher Romano and Rickey Biddle of R+M Development are pleased to announce that they have closed on the refinance of a recently renovated multi-family asset located in Conshohocken, PA.Diligence Capital Advisors
of Philadelphia sourced and negotiated the loan on behalf of the joint venture consisting of prominent Philadelphia-based developers James Romano (Suburbs2City Real Estate Team), Christopher Romano (Suburbs2City Real Estate Team) and Rickey Biddle (MK Management Group). The Romano-Biddle joint venture has developed multiple multifamily projects together in the Philadelphia market.
“We are thrilled to have closed a complicated loan transaction amidst murky and trying capital markets conditions. Our development team invested significant equity via capital improvements which created value to the asset allowing us to increase rents. In the end, this really paid off as we were able to secure aggressive debt terms and close in short order during a global pandemic,” said James Romano
“To say that we were uncertain as to whether we could find the right lender to step in and recognize the immense value we created during COVID-19 is an understatement. Luckily, we had a fantastic development team able to achieve significant rental rate increases and selected the perfect capital intermediary in Diligence Capital Advisors to run an extremely competitive and efficient lender selection process that resulted in a phenomenal execution. Our new loan positions the asset for optimal performance and returns,” said Christopher Romano.
The closing of the refinance of the complex occurred on Wednesday, May 27.
"The Project benefits from strong area demographics and extreme proximity to one of the most vibrant Retail Corridors and Office Hubs in the Philadelphia Metro Market. From a sponsorship standpoint, the Project is owned and managed by the owner of Temple University’s most prominent off-campus management company and two prominent real estate developers in Philadelphia. All three owners have a track record of successful real estate investment and development endeavors which made our job of securing a loan easier during these difficult times," said Jared Cobert, Managing Partner of Diligence Capital Advisors.
About Diligence Capital Advisors
Diligence Capital Advisors is a Capital Solutions Firm based in Philadelphia, PA. The principals of Diligence Capital Advisors have sourced and/or closed senior debt, mezz debt, JV equity and preferred equity deals valued over 2 billion dollars. If you have a real estate project in the Philadelphia or New Jersey market that requires debt or equity, contact Diligence Capital Advisors at http://www.DiligenceCapitalAdvisors.com