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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
