TAMPA (December 26, 2012) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged first mortgage refinancing of $7.02 million for Cypress Trail Apartments, a 216-unit market-rate multifamily community located at 7320 Broadmoor Drive in New Port Richey, Florida. Financing was based on 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Cypress Trail Apartments, Ltd., through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender.
“The property had been rehabbed and the units vacated to accommodate a condo conversion which did not take place,” said Hernandez. “The borrower and management team did an excellent job of re-tenanting the property, which compelled the lender to make the loan despite the choppy historical occupancies.”
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.