TAMPA (July 8, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $14 million for Landings at Boot Ranch, a 232-unit, market-rate multifamily community located at 212 Katherine Blvd. in Palm Harbor, Florida. Financing was based on a 15-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, a national multifamily investor, through its relationship with a correspondent life company lender.
Total loan proceeds were disbursed at closing even though the subject property was still in the rehab and lease-up phase.
“The sponsor purchased the defaulted note on the subject property and began an extensive rehab of the structure – exterior and interior,” Hernandez said. “The opportunistic purchase and extensive rehab created enough value to compel the lender to fund the entire loan prior to the completion of the work.”
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.