TAMPA (November 12, 2012) – Lee Weaver, senior vice president and senior director of NorthMarq’s Tampa Regional office, arranged first mortgage refinancing of $2.3 million for Jake’s Place, a 42-unit off-campus student housing property located at 511 North Woodward Avenue in Tallahassee near Florida State University. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a CMBS lender.
“The lender has a strong underwriting team that responded swiftly to changing deal characteristics, closing in less than 60 days,” said Weaver.
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.