The Romano Brothers and Rickey Biddle Close on the Refinance of a

Multi-Family Asset in Conshohocken, PA During Global Epidemic

Pandemic notwithstanding, the partnership consisting of Jim Romano, Christopher Romano and
Rickey Biddle has closed on the refinance of a newly renovated, fully leased multi-family complex
located in Conshohocken, PA.

Conshohocken, PA, June 01, 2020 --(PR.com)-- Developers James Romano, Christopher Romano and
Rickey Biddle of R+M Development are pleased to announce that they have closed on the refinance of a
recently renovated multi-family asset located in Conshohocken, PA.

Diligence Capital Advisors of Philadelphia sourced and negotiated the loan on behalf of the joint venture
consisting of prominent Philadelphia-based developers James Romano (Suburbs2City Real Estate Team),
Christopher Romano (Suburbs2City Real Estate Team) and Rickey Biddle (MK Management Group).
The Romano-Biddle joint venture has developed multiple multifamily projects together in the
Philadelphia market.

“We are thrilled to have closed a complicated loan transaction amidst murky and trying capital markets
conditions. Our development team invested significant equity via capital improvements which created
value to the asset allowing us to increase rents. In the end, this really paid off as we were able to secure
aggressive debt terms and close in short order during a global pandemic,” said James Romano

“To say that we were uncertain as to whether we could find the right lender to step in and recognize the
immense value we created during COVID-19 is an understatement. Luckily, we had a fantastic
development team able to achieve significant rental rate increases and selected the perfect capital
intermediary in Diligence Capital Advisors to run an extremely competitive and efficient lender selection
process that resulted in a phenomenal execution. Our new loan positions the asset for optimal
performance and returns,” said Christopher Romano.

The closing of the refinance of the complex occurred on Wednesday, May 27.

"The Project benefits from strong area demographics and extreme proximity to one of the most vibrant
Retail Corridors and Office Hubs in the Philadelphia Metro Market. From a sponsorship standpoint, the
Project is owned and managed by the owner of Temple University’s most prominent off-campus
management company and two prominent real estate developers in Philadelphia. All three owners have a
track record of successful real estate investment and development endeavors which made our job of
securing a loan easier during these difficult times," said Jared Cobert, Managing Partner of Diligence
Capital Advisors.

About Diligence Capital Advisors

Diligence Capital Advisors is a Capital Solutions Firm based in Philadelphia, PA. The principals of
Diligence Capital Advisors have sourced and/or closed senior debt, mezz debt, JV equity and preferred

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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

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Contact Information:
Diligence Capital Advisors
Jared Cobert
215-873-6117
Contact via Email
diligencecapitaladvisors.com
Contact us if you are in need of capital for your real estate project

Online Version of Press Release:

You can read the online version of this press release at: https://www.pr.com/press-release/813783

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