Northmarq’s Debt + Equity team arranges $6.25M refinancing for Palm Bay-area office buildings

PALM BAY, Fla. — Northmarq’s Tampa Debt + Equity team led by Robert Hernandez successfully arranged the $6.25 million financing for Woodlake Office Park, Plaza I-III, and Prospect Park Office, a portfolio of Class B mixed use properties located in Palm Bay and Melbourne, Florida.

Northmarq arranged the permanent fixed rate financing on behalf of the borrower with a correspondent national life insurance company. The transaction was structured on a three-year term and Northmarq will service the loan.

“Northmarq worked diligently with the lender and sponsor to accommodate this cash out refinancing of a 12-building portfolio containing over 180 tenants,” Hernandez said.

Woodlake Office Park features roughly 45,000 square feet of office space spread across 8 buildings. Plaza I-III is a group of 3 retail centers totaling roughly 35,000 square feet. These properties are conveniently located in Palm Bay, FL along Palm Bay Road with nearby access to U.S. Hwy 1 and Interstate 95. Prospect Park is a 35,000 square foot mixed use building located in Melbourne, FL. The property is well located on Prospect Ave with immediate access to U.S. Hwy 1.