NorthMarq Capital’s Tampa office arranges $5 million refinance of 700 South Babcock Street in Melbourne, Florida
TAMPA (July 6, 2017) Bob Hernandez, senior vice president/ managing director of NorthMarq Capital’s Tampa regional office, arranged the refinance of $5,000,000 for 700 South Babcock Street, a 54,415 sq. ft. office property in Melbourne, Florida. The transaction was structured with a 10-year term on a 10-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a Correspondent Life Company. “The current lender would not provide a 10/10 self-liquidating loan and our Correspondent Life Company immediately stepped in and quoted the deal at the requested terms.” "The professionalism of both the Lender and the Sponsor resulted in a quick and efficient closing,” said Hernandez.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
