Northmarq’s Debt + Equity team arranges $6.7M financing for Fisherman’s Cove RV Park in Tavares, FL
TAVARES, Fla. — Northmarq’s Tampa Debt + Equity team led by Robert Hernandez successfully arranged the $6.7 million financing for Fisherman’s Cove, an RV park and resort located at 3950 N. Eichelberger Rd. in Tavares, Florida.
Northmarq arranged the permanent floating rate financing on behalf of the borrower, Lake Harris Resort LLC, through a relationship with a commercial bank domiciled in the Midwest. The transaction was structured on a five-year term with a 20-year amortization schedule.
“Northmarq worked diligently with the sponsor and lender to accommodate a rapidly approaching maturity date on the existing loan,” Hernandez said.
Nestled into Central Florida, Fisherman’s Cove features 286 spacious concrete pads with full-service hook-ups, a 7 unit motel, 10 free standing rentable villas, fitness center, clubhouse and heated pool. The property is located on Lake Harris and includes a large boat marina with 57 wet slips and 168 dry stack storage slips as well as a 9-hole executive golf course. The property is roughly 35 miles from downtown Orlando.
