TAMPA (October 15, 2012) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged first mortgage refinancing of $2.1 million for Bank of America Place, a 37,790 sq. ft. office building located at 2700 West Martin Luther King, Jr. Boulevard in Tampa, Florida. Financing was based on a 20-year term and a 20-year amortization schedule. NorthMarq arranged this financing for the borrower, 2700 MLK, LLC, through its correspondent relationship with a life insurance company.
“Because of the uncertainty in the financial markets, the borrower wanted to secure financing for as long as possible,” said Hernandez. “Our lender accommodated them by providing a 20 year self-liquidating mortgage at a very low fixed rate for the term of the loan.”
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.