NorthMarq Capital’s Tampa office arranges $39.2 million permanent construction financing of Ciel Apartments in Jacksonville, Florida
TAMPA (July 11, 2017) Bob Hernandez, senior vice president/ managing director of NorthMarq Capital’s Tampa regional office, arranged permanent construction financing of $39,200,000 for Ciel Apartments, a 400-unit multifamily property in Jacksonville, Florida. The transaction was structured with a 15-year term on a 30-year amortization schedule with several year’s interest only while under construction and lease-up. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company. “The lender worked diligently with the sponsor through planning to close as soon as the permits were obtained,” 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.
