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.”