TAMPA (January 20, 2014) – Robert Hernandez, managing director of NorthMarq Capital’s Tampa regional office, arranged two mortgages totaling $14.825 million for Sunstate Pioneer Industrial Parks and Triple Crown Plaza.
– Sunstate Pioneer Industrial Parks, a 332,143 sq.ft. industrial park located at 4891-4907 West Waters Avenue, 8404-8434 Sunstate Street, and 5402-5444 Pioneer Park Boulevard, Tampa, Florida. was financed with a 3-year term. The transaction is value add with a loan amount established considering the entire capital stack to include purchase price, TI/LC and interest carry. NorthMarq arranged financing for the $11.3 million loan for the borrower, WM Industrial Portfolio, LLC, through its relationship with a correspondent life company. Worldwide Parts and Associates is the major tenant. “The total cost, tenant role and equity to debt ratio changed several times throughout the course of due diligence,” said Hernandez. “Therefore, it required cooperation and flexibility from the lender, developer and equity partner to finalize the transaction.”
– Triple Crown Plaza is a 27,975 sq.ft. retail property, located at 11100 SW 93rd Court Road, Ocala, Florida. The $3.525 million acquisition loan was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Morni Ocala, LLC through its relationship with a CMBS lender. Major tenants include IHOP and Beef O’Brady’s. “This is the third transaction we have financed for the investor and the first time they have borrowed from a CMBS platform,” said Hernandez. “Both lender and borrower had to remain flexible and accommodating making the transaction possible. The lender’s flexibility concerning their documents and the borrower’s tenacity in getting the seller to perform in a timely manner allowed this transaction to close prior to year’s end as required by the loan commitment.”