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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."
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