Trending...
- Byrd Davis Alden & Henrichson Launches Independence Day Safe Ride Initiative with 500 Free Uber Credits
- Agreement to Supply US-Based Defense Provider with Thin-Film Solar Tech for Orbital Application; Ascent Solar Technologies, Inc. (N A S D A Q: ASTI)
- Make Innovation Matter: Support H.R.1's R&D Expensing Relief for American Small Businesses
Tester and Biddle close on refinance of brand new Student Housing Complex located in the off-campus housing section of Temple University in Philadelphia, PA
PHILADELPHIA - Michimich -- Mike Tester and Rickey Biddle of R+M Development are pleased to announce that they have closed on the refinance of a recently built Student Housing Complex located in the off-campus housing section of Temple University in Philadelphia, PA. Diligence Capital Advisors of Philadelphia sourced and negotiated the loan on behalf of R+M Development Company consisting of prominent Philadelphia-based developers Michael Tester (Tester Construction Group) and Rickey Biddle (MK Management Group). Together, Tester and Biddle own and manage over 1,300 beds in the Temple University Off-Campus section of Philadelphia. The Tester-Biddle joint venture has developed over 20 apartments projects together in Philadelphia consisting of 200+ units.
More on Michimich.com
"It took a ton of hard work and sweat, but we got this deal done during unprecedented market conditions and volatility. Once again, our team leaned on Diligence Capital Advisors to go out and scour the market for the best possible terms. The end result was an extremely borrower-friendly debt instrument that positions us to optimize cash flow and produce outsized reruns to our investors," said Michael Tester.
"Financing options might not be plentiful at the current moment but our team is uniquely setup to procure the best terms available and execute. Student Housing remains a highly risk-insulated asset class and we are finding that many lenders share this outlook. Every deal has a story and the R+M Team, along with Diligence Capital Advisors, did an exceptional job of telling that story to the appropriate capital providers," said Rickey Biddle.
The closing of the refinance of the complex occurred on Wednesday May 27th, 2020.
"From a location standpoint, the Project benefits from strong area demographics in terms of high student population density and sustained multi-year growth in off-campus housing demand at Temple University. From a sponsorship standpoint, the Project benefits from the union of the owner of one of Temple University's most prominent off-campus management companies and the owner of one of Philadelphia's burgeoning construction companies, said Jared Cobert, Managing Partner of Diligence Capital Advisors.
More on Michimich.com
About Tester Construction Group. For more information on Tester Construction Group, visit https://testerconstruction.com/
About MK Management Group. For more information on MK Management Group, visit https://www.mkmgmtgroup.com.
About Diligence Capital Advisors
Diligence Capital Advisors is a Capital Solutions Firm based in Philadelphia, PA and Haddonfield, New Jersey. The principals of Diligence Capital Advisors have sourced and/or closed senior debt, mezz debt, JV equity and preferred equity deals valued over 2 billion dollars. If you have a real estate project in the Philadelphia or New Jersey market that requires debt or equity, contact Diligence Capital Advisors at http://www.DiligenceCapitalAdvisors.com
More on Michimich.com
- West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
- Delta Industrial Provides Custom Flatwork for Factory Floors
- American Plastic Solutions Launches FAQ to Provide Tailored Plastic Fabrication Solutions
- AdviCoach of Southeast Michigan Helps Business Owners at Every Stage
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
"It took a ton of hard work and sweat, but we got this deal done during unprecedented market conditions and volatility. Once again, our team leaned on Diligence Capital Advisors to go out and scour the market for the best possible terms. The end result was an extremely borrower-friendly debt instrument that positions us to optimize cash flow and produce outsized reruns to our investors," said Michael Tester.
"Financing options might not be plentiful at the current moment but our team is uniquely setup to procure the best terms available and execute. Student Housing remains a highly risk-insulated asset class and we are finding that many lenders share this outlook. Every deal has a story and the R+M Team, along with Diligence Capital Advisors, did an exceptional job of telling that story to the appropriate capital providers," said Rickey Biddle.
The closing of the refinance of the complex occurred on Wednesday May 27th, 2020.
"From a location standpoint, the Project benefits from strong area demographics in terms of high student population density and sustained multi-year growth in off-campus housing demand at Temple University. From a sponsorship standpoint, the Project benefits from the union of the owner of one of Temple University's most prominent off-campus management companies and the owner of one of Philadelphia's burgeoning construction companies, said Jared Cobert, Managing Partner of Diligence Capital Advisors.
More on Michimich.com
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
- New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
- The Herbal Care, Led by Markel Bababekov, Becomes a Top Dispensary in NYC's Upper East Side
- Digital Watchdog Launches New myDW Cloud Services
- Stan Fitzgerald Appointed Acting Press Secretary for Veterans for America First VFAF Georgia State Chapter
About Tester Construction Group. For more information on Tester Construction Group, visit https://testerconstruction.com/
About MK Management Group. For more information on MK Management Group, visit https://www.mkmgmtgroup.com.
About Diligence Capital Advisors
Diligence Capital Advisors is a Capital Solutions Firm based in Philadelphia, PA and Haddonfield, New Jersey. The principals of Diligence Capital Advisors have sourced and/or closed senior debt, mezz debt, JV equity and preferred equity deals valued over 2 billion dollars. If you have a real estate project in the Philadelphia or New Jersey market that requires debt or equity, contact Diligence Capital Advisors at http://www.DiligenceCapitalAdvisors.com
Source: Diligence Capital Advisors
0 Comments
Latest on Michimich.com
- Infinite Health Introduces Cutting-Edge Regenerative Medicine for Wound Care with Trip Goolsby, MD
- Top Dentist Concord CA, Smile Makers Dental Care, Celebrates 500 5-Star Reviews
- Bio-Inspired Technology-Dynamic and Adaptable for unknown real-world environments
- 'Public Speaking Without Panic' Launches to Help Leaders Speak with Confidence
- Michael Reafsnyder opens solo exhibition at Scott Richards Contemporary Art in San Francisco
- Valley Sleep Therapy Expands to Prescott with New Location at Crossings Road
- $17.4 Million Total Revenue for First Half of 2025 (up 31.8% YOY) for Global Wet Trades Services Provider with High Value Bitcoin Investments
- $12.8 Million Net Revenue for 2024 for Cloud-Based Crowdsourcing Recruitment and SaaS-Enabled HR Solutions Provider: Baiya International Group Inc
- Rocket Companies Completes Acquisition of Redfin
- Hire Virtue Announces Executive Sponsorship Opportunity for Houston Hiring Blitz & Job Fair on August 6, 2025
- Inked & Maxim Model Teisha Mechetti Turns Heads—And Builds Community Impact
- Plan to Launch Silo Technologies' Cybersecurity Pilot Program for Ultimate Nationwide Deployment via Exclusive Partnership: Stock Symbol: BULT
- Robert Michael & Co. Real Estate Team Celebrates Industry Recognition and Showcases Premier Central Florida Listings
- NEW CHILDREN'S BOOK RELEASE: "Mommy, Where Is My Daddy?" by Tracy L. Gray
- UNIVERSAL MUSIC GROUP AND THE UCLA HERB ALPERT SCHOOL OF MUSIC ESTABLISH THE BERRY GORDY MUSIC INDUSTRY SCHOLARSHIP TO HONOR THE LEGACY OF A MUSIC PIONEER
- AI-Based Neurotoxin Countermeasure Initiative Launched to Address Emerging National Security Needs: Renovaro, Inc. (N A S D A Q: RENB)
- The Naturist World Just Shifted — NaturismRE Ignites a Global Resurgence
- $796,000 in Q2 Revenue Marks Highest Earnings to Date on 3 Trailing Quarters of Profitability in Multi-Billion Homebuilding Sector: Stock Symbol: IVDN
- Cybersecurity is THE Hot Market Sector; Revenues, Earnings & Profit matter; Only 33 Million Shares + a Huge Short Position Equal an Undervalued Stock
- Despite Global Calls for a Ban, US Child Psychiatry Pushes Electroshock for Kids