Office - Debt

NorthMarq negotiates $1.375 million refinance of Financial Center Office Building in Fort Myers, Florida

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.” 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.