TAMPA (February 23, 2015) – Lee Weaver, senior vice president of NorthMarq Capital’s Tampa based regional office arranged refinancing of $13.5 million for University Village, a 152,104 sq.ft. retail center located at 2020 West Pensacola Street in Tallahassee, Florida. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through a CMBS lender. The property is situated in close proximity to the state’s largest university and features a tenant mix ideal for the student population. Major tenants include: Gold’s Gym and the Post Office.
“The lender provided a structure that allows some of the excess land to be carved out from the collateral, accommodating plans for additional retail development,” said Weaver.