TAMPA (June 24, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $6.8 million for Woodlake Commerce Park, a 170,345 sq. ft. industrial/flex property located at 2330 Commerce Park Drive, NE in Palm Bay, Florida. Major tenants at the site are Syncron EMS and National Service Source, Inc. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a CMBS lender.
“The sponsor did a great job of re-tenanting the subject property after the major tenant vacated,” Hernandez said. “The re-tenanting, along with the conservative loan request, compelled the lender to structure the transaction around tenant roll risk.”
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.