NorthMarq Capital’s Robert Hernandez secures new construction loan of $31.52 million for Cortona South Tampa
TAMPA (January 25, 2017) – Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa-based regional office, secured new construction financing of $31.52 million for Cortona South Tampa, a 300-unit (two four-story apartment buildings and 20 two-story townhome buildings) multifamily property located at 5145 South Dale Mabry Highway in Tampa, Florida. The development will also have a one-story 6,000 sq. ft. clubhouse with a resort style swimming pool and recreation areas. The transaction was structured with a 3-year term (+2-year extension) with interest only for the 3-year primary term on a 25-year amortization schedule for the 2-year extension. NorthMarq arranged financing for the borrower through its relationship with a regional bank. “The multifamily property will be situated on a 13-acre site,” explained Hernandez. “The size of the site is significant for this densely built area in South Tampa allowing the 50-50 ratio of apartments and townhomes to be a uniquely less crowded gated community.”
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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
