TAMPA (February 25, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged construction mini-perm loan of $4.25 million for FIT/Newman Student Housing located on the southeast corner of Villagewood Place and South Babcock Street in Melbourne, Brevard County, Florida. This asset is a proposed faith-based student housing project consisting of 43 units located adjacent to the Florida Institute of Technology in Melbourne, Florida. Financing was based on 5-year term with interest only for 18 months then a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, NSH Melbourne, LLC, through its relationship with a local bank.
“Because of the sponsor’s/borrower’s significant equity contribution, NorthMarq was able to structure a construction mini-perm loan with a local bank that had the expertise and took the time to fully understand the merits of this transaction,” Hernandez said.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 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.