(To read more on the debt and equity markets, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.