Robert Hernandez arranged $14 million mortgage for Landings at Boot Ranch in Palm Harbor, Florida
Landings at Boot Ranch
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.”
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.
