SAN DIEGO (November 4, 2014) – Steve Hollister, senior vice president of NorthMarq Capital’s San Diego based regional office secured financing of $24 million for Fountains at Bay Hill, a 103,767 sq.ft. retail property located in Orlando, Florida. The transaction was structured with a 7-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
”The lender won the deal by providing a flexible prepayment structure combined with an excellent rate,” said Hollister. “The prepayment structure was the greater of Yield Maintenance or one percent in years 1-3 and then opens at par for the remainder of the term.”