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. 


Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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