TAMPA (May 20, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $2.542 million for 3637 4th Street North, a 42,269 sq. ft. multi-tenant office building located in St. Petersburg, Florida. Financing was based on a 5-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, a Florida Limited Partnership, through its relationship with a regional bank. “The sponsor’s strong financials made it possible for the bank to make the loan and structure around the vacancies and tenant rent roll risk,” Hernandez said.
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