NorthMarq's Tampa office arranges $4.05 million mortgage for Terrace Oaks Plaza in Tampa, Florida

TAMPA (June 19, 2013) – Alison Williams, vice president of NorthMarq’s Tampa regional office, arranged acquisition financing of $4.05 million for Terrace Oaks Plaza, a 40,659 sq. ft. retail center located at 11301 North 56th Street in Tampa, Florida. Major tenants include Shapes Fitness, Antonio’s Pasta Grill, and Edible Arrangements. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Terrace Oaks Plaza Realty, LP, through its relationship with a CMBS lender. “An affiliate of a Montreal-based real estate investment firm purchased the 97 percent leased shopping center for $5.40 million. The recent lease extension with the center’s largest tenant as well as the positive occupancy history helped the lender become comfortable with this neighborhood retail center located near the University of South Florida campus,” Williams said.