Multifamily

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 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.