Hospitality - Debt

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

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.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.