Northmarq completes $4.1 million second mortgage for Pelican Bays in Davie, Florida

MIAMI, FLORIDA (November 15, 2021) – Bob Harrington, vice president of Northmarq’s Miami-based regional office, arranged a $4.1 million secondary financing for Pelican Bays. The 196,318 sq. ft. industrial-flex property (built in 1987) is located at 4650 Southwest 51st Street in Davie, Florida. The transaction was structured with a 6-year term, including 4-years of interest only followed by a 25-year amortization schedule. Northmarq negotiated financing for the borrower, a locally-based private investor, through its correspondent relationship with a life insurance company. 

“This additional funding epitomizes the positive outcomes from a strong life company lender and borrower post-closing relationship,” said Harrington. “The continued uptick in industrial property values in South Florida, coupled with steady property level NOI growth and extremely stable occupancy, allowed the lender to get comfortable with providing second mortgage financing on the property to release trapped equity to the borrower while avoiding a prepayment penalty that would have been triggered with a refinance of the existing loan.”