TAMPA (November 21, 2017) – Bob Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, negotiated the $36 million permanent loan for Ariva Apartment Homes, a 312-unit multifamily property located at 4100 Clubhouse Road in Lakeland, Florida. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Fannie Mae platform.
“Loan amount, spread and previous performance with our Fannie team won the deal for Fannie Mae,” said Hernandez. “The ability to lock rate and close at 75 percent physical occupancy and 90 percent leased, without stabilized operating history, was also a major factor in the transaction.”