TAMPA (November 7, 2013) – Robert Hernandez, senior vice president and managing director of NorthMarq’s Tampa regional office, arranged refinancing of $42 million for Causeway Square, located at 1801 NE 123rd Street, North Miami, Fla. The mixed-use three building property contains 168,997 sq.ft. The main retail/office building is anchored by LA Fitness and contains 86,873 sq. ft. of office space and 73,124 sq. ft. of retail space. The outparcel to the east of the property contains 5,000 sq. ft. and is occupied by Total Bank. The outparcel to the west of the property contains 4,000 sq. ft. and is occupied by The Vitamin Shoppe. Financing was based on a two year interest only term, with two, six month options. NorthMarq arranged financing for the borrower through its relationship with a national bridge lender.
Hernandez described the deal as a unique mixed-use property that needed time and capital to facilitate a lease-up to stabilization. “Substantial capital contribution from the sponsors and flexibility from the lender allowed this highly structured transaction to be completed quickly to comply with the existing lenders timeline for payoff,” he 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.