PHILADELPHIA, Sept. 27, 2020 /PRNewswire/ -- Raising equity for commercial real estate projects is still very possible in this economic climate says Jared Cobert of Diligence Capital Advisors, the well established capital solutions firm based in Philadelphia, PA.
Mr. Cobert sourced and closed on an equity transaction this past Friday September 25th for a 6 unit lavish apartment project in the coveted University City District of Philadelphia, PA.
Philadelphia's "University City" is located at the easternmost portion of West Philadelphia directly across the Schuylkill River from Center City, and encompasses several Philadelphia universities such as the University of Pennsylvania, Drexel University, the University of the Sciences and the Restaurant School at Walnut Hill College. University City is Philadelphia's bustling, culturally diverse academic heart with cutting-edge exhibitions at the Institute of Contemporary Art, swanky eateries and casual bars that attract hip crowds.
"I would not say that raising equity for an luxury residential apartment development in University City is incredibly difficult," said Jared Cobert of Diligence Capital Advisors who was reached by email. "But raising equity in general for any real estate transaction takes an extraordinary amount of focus and determination."
"We were happy to get this done for our client," said Cobert who described the client as a "prolific Philadelphia based multi-family developer."
Rickey Biddle and Michael Tester of R+M Development Company of Philadelphia provided the equity for the project.
Joseph D. Rocco of Campbell Rocco Law represented R+M Development Company in connect with the equity transaction.
SOURCE Diligence Capital Advisors