PHILADELPHIA-Locally based Remington Financial Group has launched BlueStone Real Estate Capital, a new commercial real estate investment banking firm. It picks up where parent Remington leaves off to target loans ranging from $10 million to $1 billion to the nation's largest owner/developers, REITs and institutional borrowers in the US.
BlueStone will be run by Remington's most experienced and productive staff, according to Matthew McManus, chairman of both companies. For the past 14 years Remington has focused on loans of between $500,000 and $10 million. It has provided funding for Tower Investments' the Edge at Avenue North here, for example, among other area projects.
"BlueStone has assembled just under $1 billion within the past year," McManus tells GlobeSt.com. "It is positioned as a boutique real estate financing intermediary exclusively serving the top tier of the market. "We have a 20/20 vision: the top 20 real estate owners in the top 20 markets."
For starters, he says, BlueStone is closing on a $138-million loan to the owner/developer of a five-star hotel in Chicago. "The financing represents 90% of the budget for the project," he says, promising to disclose full details within days. Among the other target markets are New York, Philadelphia, Miami, Phoenix, Las Vegas, Los Angeles and Washington, DC.
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