TAMPA (April 14, 2016) – Robert Hernandez, managing director of NorthMarq Capital’s Tampa-based regional office, negotiated the $14 million refinance of Publix at Summerfield Crossings, a 69,917 sq. ft. retail property located at 13146 U.S. Hwy. 301 South in Riverview, Florida. The transaction was structured with a 10-year term with 2-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Big Bend Group, LLC, through its correspondent relationship with a life insurance company. The cash-out refinance was permitted for this Publix anchored retail center, which has been performing well for years.
“As a result of the sales and occupancy of the center, both the lender and borrower were comfortable maximizing the loan amount,” said Hernandez.