TAMPA (September 26, 2012) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged a construction loan of $7.177 million for Seasons Largo located at 4175 East Bay Drive in Clearwater, Florida. This asset will be a 90-unit assisted living facility managed by an experienced senior housing operator. Financing was based on a 60-month term with interest-only for 36 months then a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Center Bay Office, Inc., through its relationship with a national bank.
“The subject transaction was a construction loan to a borrower with limited experience in the assisted living/senior housing sector,” said Hernandez. “The efforts and cooperation of the management company and borrower, along with the flexibility of the lender allowed NorthMarq to structure the subject transaction.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.