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

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.