TAMPA (December 19, 2012) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged a $4.868 million mortgage modification for LiveTV, a 54,415 sq. ft. office building located at 700 South Babcock Street in Melbourne, Brevard County, Florida. Financing was based on 6.5-years of the remaining term and an 8-year amortization schedule. NorthMarq arranged this modification for the borrower, Sutton Properties of Melbourne II, LLC, through its relationship with a regional bank.
“This is a non-credit, single-tenant transaction which we had previously financed with a floating interest rate and a 25 year amortization. However, the borrower requested a lower, fixed rate in exchange for a rapid amortization and the lender was accommodating,” said Hernandez.
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.