Multifamily - Equity

NorthMarq Capital

NorthMarq Capital’s Robert Hernandez secured $15.4 million in preferred equity for multifamily property in Tampa, Florida

TAMPA (October 5, 2016) – Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa-based regional office, arranged $15.4 million in preferred equity for Channel Club, a 323-unit/22-stories multifamily property located at 1105 and 1115 East Twiggs Street in Tampa, Florida. The transaction was structured with a 3-year term plus two 1-year extensions. NorthMarq arranged the equity through its relationship with a national lender for Channel Club-TA LLC a Mercury Advisors, ECI Group joint venture.

“Channel Club is now under construction in the Channel district of downtown Tampa,” said Hernandez. “The project will consist of 323 apartments in a 22-story building with an integrated parking structure. A Publix Super Market will also be located within the property, adjacent to the high rise on the ground floor.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.