TAMPA, FLORIDA (February 26, 2021) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office negotiated the $3.1 million permanent loan for the 50,066 sq. ft. Aldi/Tractor Supply retail center in Bartow, Florida.
The permanent loan was structured with a 20-year self-amortizing term. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company.
Built in 1996, the sponsor is making significant capital improvements at the site to get the building and parking lot ready for Aldi to move in and begin their own tenant build-out.
“The sponsor did an excellent job of repositioning the center and our lender realized the value that had been created,” said Hernandez.