TAMPA (November 20, 2018) – Lauren Hanley, vice president and Bob Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, secured the $11.72 million floating rate bridge loan for Edgewater Corporate Center, located in Tallahassee, Florida. The property is a multi-tenanted office park containing approximately 125,000 rentable sq. ft. The non-recourse loan was structured with a 2-year interest-only term with extensions up to five years.
“The lender for this transaction provided a deal structure which fit the borrower’s business plan, allowing for funding of remaining tenant improvements and leasing commissions to bring the office park to full occupancy,” explained Hanley.