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RFG Raises $282M for Eclectic Acquisitions

PHILADELPHIA-Remington Financial Group has arranged a $140-million loan to fund the acquisition of four independent living communities and $142.3 million for a commercial portfolio.

By Marita Thomas | Updated on September 01, 2006

(To read more on the multifamily market, click here.)

PHILADELPHIA-An institutional equity investor that cannot be identified during the quiet period in preparation for an IPO has obtained an aggregate of nearly $282.3 million to acquire two separate and diverse portfolios. One consists of 14 office and warehouse buildings. The other contains four independent living properties in two states. In both cases, locally based Remington Financial Group Inc. arranged debt and bridge financing.

With nearly $142.3 million in funding from JP Morgan Chase, the investor and an operating partner have acquired a 2.7-million-sf office and warehouse portfolio for an aggregate cost of $150 million. The assets are spread across 10 Midwestern and Southeastern states and are being acquired from three separate sellers. The sellers of two of the buildings are the properties’ respective occupants. One real estate investment firm is the seller of the other 12 properties.

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