NorthMarq’s Tampa office arranges $7 million in acquisition financing for Fairfield Inn & Suites
TAMPA, FLORIDA (July 24, 2019) – Lauren Hanley and Bob Hernandez of NorthMarq’s Tampa-based regional office arranged $7 million in acquisition financing for a 78-key Fairfield Inn & Suites by Marriott in the Holiday-Tarpon Springs area on the west coast of central Florida.
The loan was structured with a 10-year term on a 30-year amortization schedule. “NorthMarq worked diligently with a CMBS lender to close a full leverage, fixed rate, non-recourse loan in a short time frame for the client’s acquisition of this asset,” said Hanley.
Constructed in 2011, the four-story hotel was fully-renovated in 2018. The property is ideally located along the major thoroughfare of U.S. Highway 19 with nearby points of interest including the historic waterfront town of Tarpon Springs, Innisbrook’s championship golf courses and dozens of natural attractions along Florida’s “Nature Coast.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
