TAMPA (November 26, 2012) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged acquisition financing of $2.9 million for Keystone Crossing, a 43,077 sq. ft. neighborhood retail center located at 8500 Gunn Highway in Odessa, Florida. Financing was based on a 20-year term and a 20-year amortization schedule. NorthMarq arranged this financing for the borrower, C. A. Property & Investment, Inc., through its correspondent relationship with a life insurance company.
“The loan request was for 56% of the purchase price and a self-liquidating, 20-year, fixed-rate term,” said Hernandez. “Because of the conservative nature of the loan, the lender was able to structure around the short-term tenant roll risk and provide excellent pricing for this older center.”
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.