TAMPA (January 20, 2014) – Robert Hernandez, managing director of NorthMarq Capital’s Tampa regional office, arranged refinancing of $5.25 million for Mary Star of the Sea, a 42,380 sq.ft. student housing property located at 3311 South Babcock Street, Melbourne, Fla. Financing was structured with a 10-year term and 30-year amortization schedule and was arranged by NorthMarq for the borrower through its relationship with a CMBS lender.
“The loan amount, secondary market, and small college made the transaction difficult,” said Hernandez. “However, the lender recognized the substantial value the developer had created and provided the requested nonrecourse loan. Both the lender and developer stayed flexible throughout the process which allowed the loan to be funded in accordance with the loan request in a timely fashion.”
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 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 loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.