TAMPA (September 23, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $9 million for a 93-room Quality Inn located in Clearwater Beach, Florida. Financing was based on a 7-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, Clearwater Grande Development, LLC, through its relationship with a regional bank. The subject is an existing beach front hotel. Phase two of the transaction will be a construction loan for the to-be-built second tower.
“The lender provided flexible terms which will accommodate the transaction and provide funds for the construction of the second tower,” Hernandez said.