NorthMarq Capital’s Robert Hernandez negotiates $8 million refinance of Renaissance Place in Palm Bay, Florida
TAMPA (October 21, 2016) – Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa-based regional office, arranged the $8 million refinance of Renaissance Place, a 174,915 sq. ft. mixed-use property located at 2465, 5469, 2475 and 2485 Palm Bay NE in Palm Bay, Florida. The transaction was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Uncle Bob’s Self Storage, American Title and Thrifty Produce represent the property’s major tenants. “The subject property was originally the home office for a defense contractor,” said Hernandez. “The sponsor did a great job of readapting the property by creating a mixed-use campus with office, industrial and self-storage. The property has been well received and has been leasing quicker than scheduled—which demonstrates the need.”
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.
