Northmarq completes $5 million refinance of student housing property in Melbourne, Florida
Mary Star of the Sea
TAMPA, FLORIDA (September 15, 2022) – Bob Hernandez, senior vice president/managing director of Northmarq’s Tampa-based regional debt/equity team, arranged the $5 million refinance of Mary Star of the Sea. The 148-bed student housing property (built in 2013) is located at 3311 South Babcock Street in Melbourne, Florida. The transaction was structured with a 10-year term on a 25-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its relationship with a life insurance company.
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.
