First National of America announced that Richard G. Tappen has joined the firm as senior managing director. Based in Basking Ridge New Jersey, First National is a principal lender to golf course owners. The company’s mortgage programs encompass every aspect of golf facility finance from land and facility acquisition to construction, expansion and refinance.
Tappen brings more than 38 years of commercial banking experience to First National. He has specialized in real estate financing for the past 35 years. Prior to joining First National, Tappen was senior vice president at PNC Bank., serving as the head of the Real Estate Group for New Jersey and as the President and c.o.o. of United Commercial Capital Group, a subsidiary of the Bank.
As founder and organizer of United Commercial Capital Group, Tappen had joined PNC’s predecessor United Trust Bank in 1997 to lead the start-up financing unit. The group provided DIP financing, tenant improvement financing, debt restructuring and GAP financing, as well as purchased performing and non-performing commercial mortgage loans. United Commercial Capital Group provided the Bank a means through which to become involved in transactions which require unusual structures and which are not commonly offered by traditional banking sources. The subsidiary was the first of its kind in New Jersey, and is believed to one of only a few in the country that at that time offered its category of unique financing while being supported by a commercial bank.
Under Tappen’s direction, the PNC Real Estate Group provided an array of real estate loans and services including commercial and residential lending, as well as the United Commercial Capital Group financing programs.
“Richard’s unique background, having been associated with both commercial banking and the innovative lending solutions normally associated with investment banking, really complement the expertise of the rest of our team, and we are pleased to welcome him,” said Jerry Sager, First National President.
Prior to his tenure with PNC and United Commercial Capital Group, Tappen had served as Senior Vice President at Summit Bank.
A Morristown resident, Tappen is a graduate of Fairleigh Dickinson University, and the Stonier School of Banking.