TAMPA (November 7, 2018) – Robert Hernandez, managing director and Lauren Hanley, vice president of NorthMarq Capital’s Tampa regional office, arranged the $24 million refinance of a 311,287 sq. ft. office/manufacturing property located at 100 North Babcock Street in Melbourne, Florida. The transaction was structured with an 11-year self-liquidating loan. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The single tenant, Leonardo DRS Inc., is a developer of mission-critical products and services that support military forces, intelligence agencies and prime contractors.
“The developer acted quickly and decisively to secure both the lease and financing for the subject transaction,” said Hernandez.