R+M Development Closes on Refinance of Student Housing Project Amidst Pandemic
Michimich.com/10062840

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

• Now Is the Right Time: Kaltra Highlights Its Proven Replacement Microchannel Coils
• How to Optimize Your Website for AI Search with DeepRank AI
• New Free Science Bingo Cards Help Grade 1 Students Learn Through Play
• DeployHub Joins Catalyst Campus SDA TAP Lab
• Veterans Day 2025: Virginia Veterans Can Claim Free Words of Veterans Book Vouchers

"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

• Award-Winning Author Zane Carson Carruth Featured in USA Today for Inspiring Mission to Nurture Young Hearts Through Storytelling
• Parkchester Oral & Maxillofacial Surgery Celebrates 450+ 5-Star Reviews
• The AI CEO Partners with D3 Hockey News to Elevate the Voice of Division III Hockey Nationwide
• Statement from the Campaign of Theodis Daniel, Republican for U.S. Congress (TX-18)
• Divine Punk Announces Happy Christmas, a Holiday Soundscape by Rebecca Noelle

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