TAMPA (September 23, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $9 million for a 93-room Quality Inn located in Clearwater Beach, Florida. Financing was based on a 7-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, Clearwater Grande Development, LLC, through its relationship with a regional bank.
The subject is an existing beach front hotel. Phase two of the transaction will be a construction loan for the to-be-built second tower.
“The lender provided flexible terms which will accommodate the transaction and provide funds for the construction of the second tower,” 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.