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
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Campbell Rocco Law King of Prussia & Haddonfied NJ
Campbell Rocco Law King of Prussia & Haddonfied NJ
PHILADELPHIA - June 7, 2020 - PRLog -- Everyone is saying that it is a bad time to raise money for commercial real estate projects due to the uncertainty in the economy due to the COVID-19 pandemic. But rest assured, there is plenty of capital out there if you have the right product in the right location and are willing to transact at a fair price. Just ask Jared Cobert of Diligence Capital Advisors, the fast growing capital solutions firm based in Philadelphia. PA.

"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.


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