TAMPA, FLORIDA (July 15, 2022) – Bob Hernandez, senior vice president/managing director of Northmarq’s Tampa debt/equity team, arranged the $4.32 million refinance of Meadowood Townhomes. Built in 2002, the 40-unit multifamily property is located in Lakeland, Florida. The transaction was structured on a 10-year term with full-term interest only. Northmarq secured the permanent-fixed rate loan for the borrower through its in-house Fannie Mae platform.
“Fannie Mae offered exceptional pricing on this loan, and the sponsor decided to refinance prior to maturity to avoid higher rates in the future,” said Hernandez. “We’re seeing accelerated multifamily demand in Lakeland, showcased through exceptional rent growth and unprecedented absorption over the past two years.”
Hernandez said the area’s rapid economic growth is fueled by a surge in transportation, trade and retail jobs. Lakeland’s central local in the state and proximity to major transportation arteries, create a logistics strength and driving an influx of companies and the resulting housing needs for a larger labor force.
Major employers, such as Wal-Mart, FedEx and Amazon have recently established distribution centers in the Lakeland area, significantly contributing to both job and population growth.