TAMPA (July 8, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $14 million for Landings at Boot Ranch, a 232-unit, market-rate multifamily community located at 212 Katherine Blvd. in Palm Harbor, Florida. Financing was based on a 15-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, a national multifamily investor, through its relationship with a correspondent life company lender. Total loan proceeds were disbursed at closing even though the subject property was still in the rehab and lease-up phase.
“The sponsor purchased the defaulted note on the subject property and began an extensive rehab of the structure – exterior and interior,” Hernandez said. “The opportunistic purchase and extensive rehab created enough value to compel the lender to fund the entire loan prior to the completion of the work.”