Philadelphia, PA, June 08, 2020 --(PR.com)-- Mostly everyone will agree that now is not a great time to raise money if you are a real estate developer, due to the market effects of the global 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.
Rickey Biddle and Mike Tester of R+M Development Company provided over half a million dollars in equity for a 20 unit apartment project dubbed “The Cecil” located in the South Kensington neighborhood of Philadelphia, PA.
The equity transaction closed on June 5, 2020. The equity raise was negotiated and procured by Jared Cobert of Diligence Capital Advisors in Philadelphia.
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.
“Raising ground-up equity is always a difficult and delicate process. For a private investor to deploy funds into an opportunistic investment like real estate development without any recourse means having supreme confidence in the project. We are proud to have found a project of such quality that attracted a significant equity investment from a qualified and proven operator,” said Jared Cobert of Diligence Capital Advisors.
Tester Construction Group of Philadelphia will build the 20 unit project. Once completed, MK Management Group of Philadelphia will manage the property.
Diligence Capital Advisors
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