NorthMarq Capital’s Tampa office finalizes construction/permanent loan of $16.4 million for multifamily in Dickinson, Texas
Bahia Cove
TAMPA (December 19, 2017) – Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, arranged construction/permanent loan financing for Bahia Cove, a 248-unit conventional market multifamily property located at 901 FM 517 Road West in Dickinson, Texas. The transaction was structured with a 10-year term with 3-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “Both the lender and the sponsor worked diligently to keep the transaction together after Hurricane Harvey flooded the property,” explained Hernandez. “This is a unique transaction in that it is an acquisition/extensive rehab/permanent loan.”
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.
