September 23, 2013

NorthMarq's Tampa office arranges $9 million mortgage for Quality Inn in Clearwater Beach, Florida

Quality Inn

Debt & Equity

Multi-Tenant

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.

Available Hospitality properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.