Multifamily - Debt

NorthMarq’s Bob Hernandez arranges $38.2 Fannie Mae Green Loan for luxury apartment community, in Lakeland, Florida

TAMPA, FLORIDA (January 4, 2021) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office negotiated the $38.2 million permanent fixed Fannie Mae Green Loan for The Shore Apartments, a newly constructed 300-unit upscale, lakeside multifamily property in Lakeland, Florida. 

The permanent loan was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Fannie Mae.

“Fannie Mae was able to provide the most loan dollars at a competitive green preferred rate, including 5-years of interest only, with a very quick closing,” said Hernandez.

The subject property was built in 2019/2020 and consists of 15 three-story residential buildings spread across a 65-acre site. At loan closing the subject was 100 percent leased.

Community amenities include a private lake, resort style pool and spa, cabanas with outdoor kitchen, fire pit, gas grills, walking trail with fitness stations, playground, dog park, 54-detached rentable garages, two electric car charging stations, car care center, clubhouse, cyber café with coffee bar, theatre room, business center, 24-hour fitness center, yoga and spin room.

The Shore’s unit interiors feature an open floor plan with gourmet-inspired kitchens, 9-foot ceilings, large walk-in closets, full size washer and dryer and a large private screened in balcony and most units offering views of the lake and nature preserve. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.