Multifamily

NorthMarq Capital’s Tampa office finalizes construction/permanent loan of $16.4 million for multifamily in Dickinson, Texas

TAMPA (December 19, 2017) – Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, arranged construction/permanent loan financing for Bahia Cove, a 248-unit conventional market multifamily property located at 901 FM 517 Road West in Dickinson, Texas. The transaction was structured with a 10-year term with 3-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

“Both the lender and the sponsor worked diligently to keep the transaction together after Hurricane Harvey flooded the property,” explained Hernandez. “This is a unique transaction in that it is an acquisition/extensive rehab/permanent loan.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.