MIAMI, FLORIDA (May 4, 2020) – Bob Harrington, vice president of NorthMarq’s Miami office arranged the $1.375 million refinance of Financial Center Office Building, a 30,626 sq. ft. office property located at 7370 College Parkway in Fort Myers, Florida. The permanent-fixed loan was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“The borrower was seeking non-recourse financing, with flexible prepayment during the loan term. We locked a fixed interest rate in the mid-3%’s, with a step-down prepayment schedule that left the last 3 years of the loan open at par,” said Harrington. “While the interest rate was locked pre-COVID-19, there was excellent communication by all parties involved during the process to keep things on track and close ahead of schedule.”