NorthMarq's Tampa office arranged $4.25 million construction mini-perm loan for FIT/Newman Student Housing in Brevard County, Florida

FIT/Newman Student Housing
TAMPA (February 25, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged construction mini-perm loan of $4.25 million for FIT/Newman Student Housing located on the southeast corner of Villagewood Place and South Babcock Street in Melbourne, Brevard County, Florida. This asset is a proposed faith-based student housing project consisting of 43 units located adjacent to the Florida Institute of Technology in Melbourne, Florida. Financing was based on 5-year term with interest only for 18 months then a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, NSH Melbourne, LLC, through its relationship with a local bank. “Because of the sponsor’s/borrower’s significant equity contribution, NorthMarq was able to structure a construction mini-perm loan with a local bank that had the expertise and took the time to fully understand the merits of this transaction,” Hernandez said.

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