TAMPA, FLORIDA (December 18, 2020) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office negotiated the $5.9 million permanent fixed loan for Fisherman’s Cove Golf RV Resort & Marina, a 330-pad lakeside RV resort in Tavares, Florida.
The permanent loan was structured with a 7-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a Florida bank.
“The lender understands the asset type and could accommodate the loan request, including additional funds for ongoing upgrades to the property,” said Hernandez.
The subject property is a gated RV resort with 330 spacious full-service RV sites, a 7-unit motel, 6 free-standing rentable villas and a 9-hole executive golf course. The property also features a large boat marina with 64 wet slips and a high and dry facility that stores up to 160 boats.
Since 2018, the sponsor has invested $1.8 million in property improvements including 234 new concrete RV site pads, street paving and landscaping, which has resulted in higher rental rates and cash flows.
Community amenities include an outfitter/boat store connected to the boat storage building, clubhouse, state-of-the-art fitness facility, heated swimming pool with spa, community Wi-Fi and shuffleboard courts.
Fisherman’s Cove benefits from its superior location and is one of only a few Florida RV resorts located on a major lake. It has direct access to Lake Harris, which at eight miles long and six miles wide, is the largest in Lake County. Lake Harris is part of the interconnected waterway known as the “Harris Chain of Lakes,” a 7-lake chain known for its breathtaking views and is a popular location for serious yachtsmen, weekend boaters, canoeists, kayakers and paddle boarders.