TAMPA (October 15, 2018) – Robert Hernandez, senior vice president/managing director and Lauren Hanley, vice president of NorthMarq Capital’s Tampa-based regional office negotiated $1.7 million in financing for a 38,399 sq. ft. office property located at 1300 North Westshore Boulevard in Tampa, Florida. The transaction was structured with a 14-year term on a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“This was a substitution of collateral,” said Hernandez. “The sponsor needed to pay off his loan secured by another property. The lender allowed the sponsor to substitute the subject property as collateral.”