TAMPA (April 22, 2014) – Larry Curry, senior vice president of NorthMarq Capital’s Tampa based regional office secured a $30 million construction loan for Boulevard Apartments, a 260-unit multifamily property located at 2098 Seminole Blvd, Largo, Fla. The transaction was structured with a 3-year term, Interest Only plus two year extension with a 30-year amortization. The loan was arranged for the borrower, Dockside Investors, LLC by NorthMarq through its relationship with a national bank.
The development will feature Club Style amenities including: elevator buildings, expanded fitness facilities, indoor lap pool/spas, nature trails, pet park and concierge services—all tailored to active lifestyles. All residential units have nine foot ceilings and eight foot entry doors, wood cabinetry and granite counter surfaces.
“The borrower is also focusing on developing several other in-fill locations, with high professional employment, with Class A multifamily properties,” said Curry.
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.