NorthMarq’s Miami office arranges $1.8 million second mortgage for Pelican Bays in Hollywood, Florida
MIAMI, FLORIDA (May 4, 2020) – Bob Harrington, vice president of NorthMarq’s Miami office secured the $1.8 million second-mortgage for Pelican Bays, a 196,319 sq. ft. industrial property at 4990 SW 52nd Street in Hollywood, Florida. The fixed-rate loan was structured with a 7-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with a life insurance company.
"With just over seven years remaining on the first mortgage, the prepayment premium was too onerous to refinance the property. The existing Life Insurance Company lender provided a co-terminous 2nd mortgage on the property, which is interest-only for the remaining term,” said Harrington. “This loan was presented and rate locked in late March, and closed within 30 days of application."
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