NorthMarq Capital's Tampa office arranges $5.25 million refinance for student housing in Melbourne, Florida
Mary Star of the Sea
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.”
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.
