NorthMarq’s Bob Hernandez arranges $28 million construction loan for Charleston Elegant Apartments in Wesley Chapel, Florida

Charleston Elegant Apts

Debt & Equity

Multi-Tenant

TAMPA, FLORIDA (October 23, 2020) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office negotiated the $28 million construction loan for Charleston Elegant Apartments, a to-be-built 228-unit multifamily property in Wesley Chapel, Florida.

The construction loan was structured with a 5-year term with 3-years of interest only on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

“The sponsors and lender are true professionals,” said Hernandez. “Therefore, once we settled on the lender and negotiated the terms, the closing was smooth and efficient.”

Once built, Charleston Elegant Apartments will consist of four, four-story residential buildings. Among the community amenities are attached and detached climate-controlled garages, resort-style pool with sundeck, screened gazebos, BBQ grills, dog park, recreation area with pickle ball court, clubhouse, conference room, business center, game room, 24/7 fitness center and a car care center. The Class A apartments will have granite countertops, gourmet island kitchens with pendant lighting, wood cabinets, wood-inspired flooring, full size washer & dryer, built-in desk, oversized closets, USB outlets and private screened patios will be available in select units.

Charleston Elegant Apartments is conveniently located 7.5 miles east of I-75 along New River Road. The community is close to shopping destinations, including Wiregrass Mall and The Groves Shopping Center as well as movie theaters, restaurants, medical centers and top-rated schools.

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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.