TAMPA (April 24, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged acquisition financing of $3.575 million for North Tampa Shores Shopping Center, a 31,200 sq. ft. retail center located at 4009-4013 Tampa Road in Oldsmar, Florida. Major tenants at the site include Moe’s Southwest Grill, Flamestone Grill, FedEx Kinkos and AT&T Wireless. Financing was based on a 12-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, Morni Holdings, LLC, through its relationship with a correspondent life company lender.
“The borrower was able to purchase this newer shopping center at below replacement cost because of the immediate tenant roll risk,” Hernandez said. “The borrower provided significant equity to this value-added transaction which allowed the lender to become comfortable with the immediate tenant roll risk. Once the borrower/new owner repositions the property, the value added should be significant making the lender’s long-term fixed-rate loan even more secure.”
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.