NorthMarq’s Tampa office arranges $6.635 million bridge loan for Fisherman’s Cove Golf & R.V. Resort
TAMPA, FLORIDA (January 8, 2019) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office negotiated the $6.635 million refinance of Fisherman’s Cove Golf & R.V. Resort, a R.V. Park, Marina and Golf Course consisting of 330 R.V. pads located at 3950 North Eichelberger Road in Tavares, Florida. The bridge loan was structured with a 7-year term with 2-years of interest only followed by a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“The sponsor and lender worked diligently to help NorthMarq close the transaction on this unique, multi-use property,” said Hernandez. “The bridge to mini-permanent financing allowed the borrower to construct a new clubhouse and renovate 250 R.V. pads, while providing sufficient collateral and in-place cash flow for the lender to be comfortable.”
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. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
