NorthMarq Capital's Tampa office arranges $5.25 million refinance for student housing in Melbourne, Florida

TAMPA (January 20, 2014) – Robert Hernandez, managing director of NorthMarq Capital’s Tampa regional office, arranged refinancing of $5.25 million for Mary Star of the Sea, a 42,380 sq.ft. student housing property located at 3311 South Babcock Street, Melbourne, Florida. Financing was structured with a 10-year term and 30-year amortization schedule and was arranged by NorthMarq for the borrower through its relationship with a CMBS lender. “The loan amount, secondary market, and small college made the transaction difficult,” said Hernandez. “However, the lender recognized the substantial value the developer had created and provided the requested nonrecourse loan. Both the lender and developer stayed flexible throughout the process which allowed the loan to be funded in accordance with the loan request in a timely fashion.”