NorthMarq's Tampa office arranges $9 million mortgage for Quality Inn in Clearwater Beach, Florida
Quality Inn
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
