NorthMarq’s Miami office arranges $1.8 million second mortgage for Pelican Bays in Hollywood, Florida

Pelican Bays
Debt & Equity
Multi-Tenant
Industrial
other
Life Company
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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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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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