Multifamily

NorthMarq Capital’s Robert Hernandez secures new construction loan of $31.52 million for Cortona South Tampa

TAMPA (January 25, 2017) – Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa-based regional office, secured new construction financing of $31.52 million for Cortona South Tampa, a 300-unit (two four-story apartment buildings and 20 two-story townhome buildings) multifamily property located at 5145 South Dale Mabry Highway in Tampa, Florida. The development will also have a one-story 6,000 sq. ft. clubhouse with a resort style swimming pool and recreation areas. The transaction was structured with a 3-year term (+2-year extension) with interest only for the 3-year primary term on a 25-year amortization schedule for the 2-year extension. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

“The multifamily property will be situated on a 13-acre site,” explained Hernandez. “The size of the site is significant for this densely built area in South Tampa allowing the 50-50 ratio of apartments and townhomes to be a uniquely less crowded gated community.”

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.