NorthMarq Capital’s Tampa office arranges $15 million permanent loan for Plaza Tower & Courtyard Shops in St. Petersburg, Florida
TAMPA (February 21, 2018) – Bob Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, finalized a $15 million permanent loan for Plaza Tower & Courtyard Shops, a 184,000 sq. ft. mixed use (office and retail) property located at 111 2nd Avenue NE and 201 1st Street NE in St. Petersburg, Florida. The transaction was structured with a 7-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Major tenants include: Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute. “The loan was non-recourse from a local community bank,” noted Hernandez. “The lender, sponsors and entire closing team worked efficiently and quickly to close the loan prior to maturity.”
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.
