TAMPA, FLORIDA (January 12, 2021) – Bob Hernandez, senior vice president/managing director of NorthMarq’s Tampa office arranged the $7 million refinance of Northpointe OffiCenter. The 52,995 sq. ft. office property is located in Lake Mary, Florida. The transaction was structured with a 10-year term on a 15-year amortization schedule. NorthMarq arranged the permanent-fixed rate loan for the borrower through its correspondent relationship with a life insurance company.
The property was built in 2007 and is 100 percent occupied by a single tenant. The tenant is a large publicly traded telecommunications company. The property is located just off Interstate 4 in Lake Mary, north of Orlando. The site is 5.76 acres.
“The lender was familiar with the asset and sponsor as they had the current loan on the property, which was originated 12 years ago for them by NorthMarq. This allowed them to work quickly and efficiently in executing the new transaction,” said Hernandez.