NorthMarq Capital finalizes $24.75 million refinance for Northern Nevada agricultural land
Agricultural Land
TAMPA (April 21, 2016) – Robert Hernandez, managing director of NorthMarq Capital’s Tampa-based regional office, in conjunction with NorthMarq Capital’s Las Vegas office, arranged the $24.75 million refinance of 479,660 acres of Northern Nevada agricultural land. The transaction was structured with a 10-year term with 2-years interest only, followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower, New Nevada Land, LLC, through its relationship with an international bank. The low leverage, non-recourse agricultural loan allowed for improved cash-flow. “The sponsors and lender worked diligently and negotiated compromises, which expedited the closing of the transaction,” said Hernandez.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
