R+M Development Closes on Refinance of Student Housing Project Amidst Pandemic
Ohio Pen/10061729

PHILADELPHIA - OhioPen -- 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.

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"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.

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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