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Orlando is a hot market for neighborhoods built entirely for renters

TAMPA, FLORIDA (July 28, 2022) – Luis Elorza, managing director of Northmarq’s Tampa investment sales team, shared his insights on the increased demand for build-to-rent (BTR) communities around Central Florida in an article recently published by the Orlando Sentinel. With BTR communities rising from 3 percent of the inventory of major rental home providers in 2019 to 26 percent last year, Orlando and Central Florida represent prime targets for developers.

In the story, Elorza states, “If you look at Tampa and Orlando, that’s the vast majority of the [built-to-rent] that’s being built in the state right now.”

The article also notes Northmarq’s count of 335 BTR units (most built within the last 10 years) in the Orlando MSA. Another 1,174 units are under construction and 824 units are planned, bringing the total of new communities in the upcoming years to eleven.

Other topics include:

  • Benefits for developers
  • Renter appeal
  • Demographics driving the industry

Read the full story.

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Bob Hernandez sheds light on impact of rising inflation and rates and how the markets are pivoting

MINNEAPOLIS, MINNESOTA (July 18, 2022) – REBusiness Online recently featured the insights of Bob Hernandez, senior vice president/managing director of Northmarq’s Tampa debt/equity team, in its article titled “Borrowers, Lenders Reach an ‘Inflection Point’ in the Wake of Rising Inflation and Interest Rates.”

The story notes how this summer became a pivotal moment in the capital markets world as commercial real estate borrowers and lenders navigate rising inflation levels and interest rates. In regards to financing, borrowers are bringing more equity to deals, which has taken the form of preferred and joint venture equity.

“We’ll see a slowdown [in acquisitions] throughout the summer, but then pick back up once everybody adjusts to the new normal and the fact that rates are 200 basis points higher and that buyers need to bring more equity,” said Hernandez. “Buyers were quick to realize that debt was going to cost them more so they’re offering a little less. Sellers haven’t quite adjusted yet.”

On the refinancing side, lenders aren’t expecting any slowdowns because naturally borrowers have to refinance (or sell) once their loans mature. Hernandez stated that borrowers are eager to get ahead of any further interest rate spikes and prepaying their loans early, which he says is a major shift from recent years when interest rates were at historic lows.

“Before, I had a hard time convincing anyone to refinance early, even a year. They always waited,” said Hernandez. “Borrowers now want to refinance out of their construction or existing loan and get into a non-recourse, long-term, fixed-rate deal with one of our life companies or Freddie Mac and Fannie Mae as soon as possible.”

He added that a few borrowers are electing to go with floating-rate debt because of the flexibility it provides, plus some borrowers suspect that interest rates will come back down in the years ahead.

Hernandez went on to point out that a historical lens can assuage overly negative interpretations of current market conditions. “Borrowers who have been around for a while realize that historically low rates are gone,” says Hernandez. “They are not in the mid 2s to low 3s anymore, they’re in the high 4s to low 5s, but those are still good rates. Most of my career those rates have been higher.”

Read the full story on REBusinessOnline.com.

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Jeannette Jason adds 35 years of CRE experience to Northmarq’s investment sales platform in Florida

TAMPA, FLORIDA (July 15, 2022) — Northmarq’s Tampa investment sales office has brought aboard yet another seasoned CRE veteran, with the addition of Jeannette Jason in the role of senior vice president. Jason will work with Luis Elorza and Bob Hernandez, both managing directors. With Jason’s 35+ years history in the Tampa Bay CRE brokerage and investment market, the investment sales team now offers clients more than 100 years of experience and industry knowledge.

“Our Central Florida team continues to grow. We are active on debt, equity and investment sales assignments and look forward to adding land advisory to the services we provide. We could not be more excited to bolster the strength of our local, regional and national investment sales platform with the addition of someone as respected and experienced in the industry as Jeannette,” said Elorza.

During her career, Jason has specialized in a broad spectrum of asset types including residential, commercial, hospitality and industrial land with particular emphasis on urban infill multifamily land transactions, adaptive reuse, historic renovations and the assemblage and disposition of complex development sites. She has coordinated all aspects of development initiatives from either an ownership or brokerage perspective, including acquisitions, entitlement pursuits, rezoning, investment packaging, joint venture partnership negotiations, leasing, property management, construction management as well as asset dispositions.

Prior to Northmarq, Jason worked for seven years as a Director on the Land Advisory Group with Cushman & Wakefield. Before this, she spent 25 years as Owner/Broker of DjG Tampa, Inc., a real estate investment and brokerage firm specialized in downtown Tampa. In the early years of her commercial real estate career she worked as a sales associate with a boutique real estate firm.

“I am very excited to get started collaborating with the Northmarq team and leveraging my experience to the benefit of our clients. With Northmarq’s investment sales, debt/equity and servicing platforms, I am excited to be part of an organization that can offer value through every aspect of a transaction,” said Jason.

Jason has a bachelor’s degree in Economics from Florida State University and holds the Certified Commercial Investment Member designation. She is an active member of CCIM, FGCAR and ULI.

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Tampa Q1 Multifamily Market Insights: Rents remain on upward trajectory in 2022

Highlights:

Tampa Multifamily market report snapshot for Q1 2022
  • The Tampa economy continues to add jobs, supporting demand for area apartment properties and prompting demand for new units. Rents are on the rise, even as vacancy rates have inched higher after reaching cyclical lows during the second half of last year.
  • Vacancies inched up 10 basis points in the first quarter. Despite the recent uptick, the current rate of 3.9 percent is down 80 basis points year over year.
  • Local rents continued to trend higher after a year of rapid growth. Asking rents increased by 2.8 percent during the first quarter, ending the period at $1,752 per month. Year over year, rents have surged by 28.4 percent.
  • The investment market remained active during the first quarter. Nearly twice as many properties sold during the first three months of this year than during the same period in 2021. The median sales price was $202,500 per unit while cap rates averaged 3.5 percent.

Read the report

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Tommy Ware brings 15+ years of CRE experience and production to Northmarq’s Tampa debt/equity team

TAMPA, FLORIDA (June 30, 2022) — Northmarq’s Tampa office celebrated the addition of Tommy Ware to its debt/equity team. Involved in the CRE industry since 2006 and a producer for more than a decade, Ware has originated loans for various capital sources totaling more than $500 million. In his current role, Ware will facilitate financing solutions for Northmarq’s local, regional and nationally-based clients through the company’s relationships with agencies, life company lenders, banks, credit unions and other capital sources.

“I am very excited to hit the ground running with the entire Tampa Northmarq team,” said Ware. “I have known Bob Hernandez, managing director of debt + equity in the Tampa office for many years, and he is very well respected and admired by clients, brokers, and financial institutions. I am honored to join him and the Tampa debt and equity team, and I look forward to building on the successes of the team. Being in the mortgage banking industry for the last 15+ years, I am eager to continue serving my clients’ equity and financing needs with Northmarq’s innovative and collaborative platform, in addition to working alongside our strong investment sales team.”

Prior to joining Northmarq, Ware most recently worked for Grandbridge Real Estate Capital in their Tampa office as vice president of production from 2012-2022. During his successful tenure with the company, Ware received a “Large Producer Award” in 2016 and 2018. Tommy graduated from the University of South Florida with a BS in Finance and a minor in Economics, and he was a member of the National Honor Society. He also achieved his CCIM designation in 2009.

“Tommy is a great fit and will work well with the Tampa team,” said Hernandez. “We look forward to leveraging his previous experience and success in the industry to drive financial solutions for lenders and borrowers.”

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Tampa Q4 Multifamily Market Insights: Rents and Prices Spike as Demand Outpaces Supply

Highlights:

Tampa Multifamily market report snapshot for Q4 2021
  • Very strong operating conditions were recorded in the Tampa apartment market during 2021 as the local economy recovered, vacancies tightened, and rents advanced at an unprecedented pace.
  • Rents surged 30.2 percent in 2021, the strongest annual rent increase ever recorded in Tampa. While rent growth occurred in each quarter, it was most prominent in the middle of the year when rents increased by more than 11 percent in both the second and third quarters.
  • Vacancy in Tampa improved by 150 basis points in 2021, ending the year at 3.8 percent.
  • The investment market continued to strengthen through the end of the year. Transaction activity picked up in the final quarter, increasing by 45 percent from the previous period. The median sales price in 2021 spiked to $217,700 per unit while cap rates compressed to 3.5 percent by the end of the year.

Read the report

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Tampa Q3 Multifamily Market Report: Record-Setting Rent Growth Fueling Investment Demand

Highlights:

Tampa Multifamily market report snapshot for Q3 2021
  • The Tampa multifamily market is benefitting from rapid economic growth and a modest pace of new construction. This undersupply is resulting in tightening vacancy levels and some of the steepest rent increases in the country.
  • Vacancy fell 120 basis points in the third quarter, ending the period at 3.7 percent. The rate is down 140 basis points year over year.
  • The Tampa market has recorded some of the strongest rent increases in the nation for the past few quarters. During the third quarter, asking rents spiked 11.3 percent, reaching $1,688 per month. Year over year, asking rents have advanced 26.9 percent.
  • The investment market continued to accelerate in the third quarter. Transaction activity spiked by approximately 60 percent. Prices are on the rise, with the median price reaching $210,100 per unit and cap rates averaging 3.75 percent.

Read the report

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Tampa Q2 Multifamily Market Report: Hiring Surge, Population Gains Fueling Unprecedented Rent Growth

Highlights:

Tampa Multifamily market report snapshot for Q2 2021
  • The Tampa multifamily market ended the first half of 2021 in a very strong position, with vacancy rates below 5 percent, unprecedented rent growth, absorption ahead of last year’s pace, and the labor market on an upswing. The strong market fundamentals are expected to continue throughout the remainder of the year.
  • Vacancy ended the second quarter at 4.9 percent, matching the level from one year ago. The rate has improved in 2021; year to date, vacancy is down 40 basis points.
  • With momentum building in the economy and demand elevated, rents are posting significant gains. Asking rents surged by more than 19 percent year over year, the strongest gain in the nation.
  • Transaction activity accelerated, and prices pushed higher during the second quarter. The median price in deals closed to this point in 2021 is $160,000 per unit, while cap rates continue to compress to less than 4 percent. Preliminary indications suggest the second half of this year should be particularly active in the local multifamily investment market.

Read the report

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Tampa Q1 Multifamily Market Report: Sharp Vacancy Decline Highlights a Very Strong Start to 2021

Highlights:

Tampa Multifamily market report snapshot for Q1 2021
  • The Tampa multifamily market started 2021 in a strong position. Absorption accelerated, vacancy tightened, and rents recorded significant gains.
  • Vacancy for area apartments declined 60 basis points during the first quarter, reaching 4.7 percent. The rate closely tracks long-term averages in the market and is unchanged from one year earlier.
  • Local asking rents continued to post strong gains in the first quarter, reaching $1,252 per month. Year over year, asking rents are up 4.8 percent.
  • Fewer apartment properties sold at the start of this year, following a rapid pace of deal flow at the end of 2020. In deals that closed in the first quarter, the median price was approximately $140,000 per unit, while cap rates continued their downward trend, averaging around 4 percent.

Read the report

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Investment Groups have Ferocious Appetite for Apartments in Central Florida

Highly favorable demographic trends, Influx of new investors targeting lower yields, and added competition among buyers are driving up pricing.

After a pause due to the uncertainty around the COVID-19 pandemic in the middle of 2020, transaction activity is ramping up significantly for multifamily investments in Tampa, Orlando and across Central Florida. There is phenomenal interest from well-known, national investment groups and local investors entering the market.

Investment activity in the Tampa area spiked during the fourth quarter of 2020, jumping 80 percent from the third quarter. Record transaction volume is projected for the year to come, with activity expected to be largely focused on newer apartment properties.

An influx of new and very well-capitalized investment groups is fueling a dramatic upward shift in pricing. Cap rates in Central Florida are dropping 25 to 50 basis points for all product types: value-add, newer properties, and properties that are going through their initial lease-up. In recent years, many developers waited for properties to get near 90 percent occupancy before marketing them. Today, developers are starting the valuation and marketing process much earlier and often are getting unsolicited offers when they are 50 percent, 60 percent, or 70 percent leased. New properties that traded in the low 4s six months ago will trade for mid to high 3s this year.

There is very little pushback on where pricing is heading for well-designed assets in the best submarkets of Tampa, St. Petersburg and Orlando. We are also seeing a clear resurgence of investor interest in the submarkets in Orlando that are more dependent on the parks and tourism.

A big factor fueling the sales at the top end of the market has been new development. For newer, garden-style properties in Tampa, we recently experienced an 8 percent increase in less than one year. The average sale price was $214,000 in the first three quarters of 2020 compared to $231,000 in the last two quarters (Q4 2020 and Q1 2021).

Additionally, the development pipeline is robust. Developers are bringing new projects online to meet increasing renter demand, which should lead to ongoing, strong investment activity.

Many of the buyers that are making the best offers on top properties are well-known investment groups. Some have been active in Florida for years; however, a growing number are coming to Florida for the first time after building a large portfolio of multifamily properties in other markets across the United States. In addition, we also see growing interest in this market from investors in Europe, Latin America and Israel. There are often multiple offers on assets, and many properties are not even making it to the formal listing process before bids come in and a buyer is selected.

Why are apartments so hot and why Central Florida?
Since the multifamily sector has outperformed many other commercial real estate sectors during the pandemic, investors are chasing apartment deals. Central Florida is particularly sought after due to its healthy market fundamentals and influx of new residents. People are moving out of costly, densely populated urban areas, a trend triggered by COVID-19, and into more affordable cities like Tampa and Orlando.

According to a recent report by Redfin, Orlando had a net inflow of 61,000 residents in 2020, the third-highest city nationally, only behind Phoenix and Dallas. Tampa came in fourth with 47,000 new residents.

These migration trends and solid demographics are helping keep vacancies low while asking rents are ticking higher across Central Florida. While investors were active across several segments of the multifamily market in 2020, activity was more pronounced among newer projects, and that trend is expected to continue.

 

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Tampa Q4 Multifamily Market Report: Investment Market Roars Back to Life to Close 2020

Highlights:

Tampa Multifamily market report snapshot for Q4 2020
  • The Tampa multifamily market remained relatively stable during the second half of 2020. The local vacancy rate ticked up as the pace of development pushed higher, but rents rose as the economy reopened and renter demand accelerated.
  • Apartment vacancy in Tampa ended 2020 at 5.3 percent. The rate inched up 20 basis points during the fourth quarter.
  • Asking rents reached $1,228 per month in the fourth quarter; for the full year, rents gained 4.1 percent.
  • Investment activity surged during the fourth quarter, pushing prices higher. The median price rose to $152,800 per unit, while sales of newer properties commanded more than $230,000 per unit.

Read the report

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NorthMarq expands multifamily investment sales team in Central and South Florida

MINNEAPOLIS, MINNESOTA (April 7, 2020) — NorthMarq announces the expansion of its investment sales capabilities in Florida with the addition of Justin Hofford, a commercial real estate veteran with experience in multifamily dispositions and CRE valuation. He joins Luis Elorza, managing director – Investment Sales to provide acquisition, disposition, and advisory services to owners of multifamily investment properties across Central and South Florida and across the southeast U.S.

NorthMarq has grown its investment sales capabilities into ten existing debt and equity offices in the last 18 months, with the Central/South Florida team the most recent addition. Elorza and Hofford will advise clients in collaboration with the company’s debt and equity professionals in Jacksonville, Miami, Orlando, and Tampa, and partner with Jason Nettles, managing director – Investment Sales, and Megan Thompson, senior vice president – investment sales, who joined the company’s Atlanta office; together, both teams offer expertise for the southeast U.S.

“We’ve seen great success when we partner the right investment sales people with our existing debt and equity colleagues. This team combined with our other Investment Sales colleages have created a powerful platform to serve clients across the country,” said Trevor Koskovich, president-Investment Sales.

Hofford, senior investment sales associate, will focus on multifamily dispositions and acquisitions in Tampa and Southwest Florida. With a twenty-year career in the commercial real estate industry, he was most recently engaged in multifamily dispositions, valuation and market analysis at JBM Multifamily Institutional Advisors. Previously, he was with Cushman & Wakefield’s Valuation and Advisory group, where he consistently ranked as a top producer in Florida.

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Tampa Q4 Market Report: After an Active Year, Deliveries Slow and Vacancy Dips in Fourth Quarter

Highlights:

Tampa 4Q2019 market snapshot
  • The Tampa multifamily market closed 2019 on an upswing. Both new supply and demand growth were strong during the past year, a trend that is likely to continue in 2020.
  • Vacancy dipped in the fourth quarter, reaching 4.8 percent. While the rate improved in the final few months of the year, vacancy rose 20 basis points in 2019.
  • Asking rents in Tampa rose 4.8 percent in 2019, ending the year at $1,180 per month. The pace of rent growth slowed slightly in the fourth quarter.
  • Projects totaling approximately 5,000 units were delivered in 2019. Completions are forecast to slow to approximately 4,200 units in 2020. Development has been active for the past few years as builders have stepped up activity to meet renter demand.
  • The Tampa multifamily investment market strengthened in 2019, with sales velocity picking up, prices rising, and cap rates compressing. The median price reached $136,900 per unit, while cap rates compressed to an average of 5.1 percent.

Read the report

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NorthMarq adds Investment Sales experts in Los Angeles and central Florida

Teams join existing Debt and Equity offices in coast-to-coast
platform expansion

MINNEAPOLIS (JAN. 16, 2020) – NorthMarq continues its expansion of Investment Sales with new teams joining existing NorthMarq debt and equity offices in Los Angeles and central Florida. With these two additions, the company’s investment sales platform extends across the U.S., covering nine offices in eight states.

“Our goal when we started this business was to offer investment sales coast-to-coast; the additions in Southern California and Florida truly achieve that for us. We look to continue this business expansion as we move through 2020,” said Jeffrey Weidell, chief executive officer, NorthMarq. “We are pleased that our new business is bringing added value to new and existing clients.”

The company’s investment sales business started in April 2018 when Trevor Koskovich joined the company as president of Investment Sales, and integrated his team with the existing Phoenix office. He is responsible for recruiting additional investment sales professionals to the platform.

“Each new office brings a new level of success to clients and our company,” said Koskovich. “The synergy among the professionals has been remarkable and is a testament to our plan to ensure a cultural fit with our new recruits.”

The two new teams bring seasoned veterans in commercial real estate, capital markets, and advisory services.

  • Los Angeles: Bryan Schellinger joins the company as managing director-Investment Sales, bringing nearly 10 years of investment sales with $1 billion in transaction history, most recently with Marcus & Millichap. Steven Goldstein, associate vice president-Investment Sales, also joins NorthMarq from Marcus & Millichap and has worked with Bryan for the last two years. The Los Angeles team will collaborate with the recently opened debt and equity office managed by Ory Schwartz, as well as coordinate client services throughout Southern California with teams in Newport Beach and San Diego.
  • Central and southwest Florida: Investment sales leader Luis Elorza joins the company as managing director, bringing more than 20 years of investment banking, corporate finance and investment sales experience, most recently with Cushman & Wakefield where he and his team closed over $4.5 billion in multifamily transactions since 2005. Covering Florida from NorthMarq’s Tampa office, Elorza will collaborate with Jason Nettles, managing director-Investment Sales, and Megan Thompson, senior vice president-Investment Sales, in the company’s Atlanta office, and with NorthMarq’s debt & equity offices across the southeast U.S.

NorthMarq’s nine investment sales offices stretch from Southern California to the East Coast.

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