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.