No Equity Out There For Real Estate Deals? Not So Says This Philadelphia Based Capital Solutions Firm
Local Philadelphia Capital Solutions Firm Sources Equity for South Kensington Apartment Project in the Middle of COVID-19 Pandemic
"Raising equity for real estate deals is always a difficult and delicate process," said Jared Cobert of Diligence Capital Advisors. Cobert went on to say that "on Friday [June 5th] we closed on a small equity deal for a 20 unit apartment project in South Kensington. The smaller equity deals are sometimes the hardest to get done, because your pool of equity providers usually shrinks to basically small family offices and wealthy individuals when the equity check is less than 2 million bucks. Adding in a difficult dynamic of a global pandemic, this one required some extra elbow grease!"
R+M Development Company of Philadelphia (Rickey Biddle and Michael Tester) provided the equity for the project which is dubbed "The Cecil" located in the South Kensington neighborhood of Philadelphia, PA.
Cobert proclaimed, "South Kensington is a neighborhood with a rich history and an amalgamation of cultures that has attracted a wide array of developers recently. The Cecil project a fully-approved and shovel ready project with a zoning permit in hand. It also so happens to be located in one of Philadelphia's designated Qualified Opportunity Zones, as an added benefit."
Tester Construction Group will build the project and MK Management Group will manage and lease it once its completed.
Joseph D. Rocco of Campbell Rocco Law represented R+M Development Company in the equity transaction.