Mixed Use

NorthMarq Capital’s Tampa office secures $18.25 million bridge financing for Grand Central at Kennedy in Tampa, Florida

TAMPA (January 17, 2018) – Bob Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, negotiated $18,250,000 bridge loan financing for Grand Central at Kennedy, a 161,000 sq. ft. urban, mixed-use property located in Tampa, Florida. Grand Central at Kennedy is located in the booming Channleside District of downtown Tampa. This transaction was structured with a 5-year loan term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.

“Sponsors worked diligently for more than 10 years through the recession to get the subject property stabilized. The tenant roster is continually improving and stabilizing the entire neighborhood,” said Hernandez. “It was a combination of loan amount and pricing, along with a desire to work with a local lender that won the transaction for the local bank.”

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 northmarqcap.wpengine.com.