TAMPA, FLORIDA (December 30, 2021) – Robert Hernandez, senior vice president/managing director of Northmarq’s Tampa regional office negotiated the $9.5 million refinance for the 59,523 sq. ft. neighborhood retail center known as River Springs Town Center in Riverview, Florida.
The permanent loan was structured on a 7-year term with a 30-year amortization schedule. Northmarq arranged refinancing for the borrower through its relationship with a correspondent life company lender.
At the time of closing, the subject was more than 80 percent occupied with 21 local, regional and national tenants. Three building were constructed in 2005 and the fourth building was delivered in 2020. River Springs Town Center is a single-story retail center on a 9.6-acre site. The subject is located in the thriving Riverview area, a suburb of Lithia, 20 miles southeast of downtown Tampa. The property is considered to be part of the FishHawk Ranch community and benefits from a growing population, great demographics and excellent accessibility to all surrounding areas via I-75, I-4 and U.S. 301.
“The lender provided the cash-out financing once they became comfortable with the location and tenant roll,” said Hernandez.