June 24, 2013

NorthMarq's Tampa office arranges $6.8 million mortgage for Woodlake Commerce Park in Palm Bay, Florida

Woodlake Commerce Park

Debt & Equity

Multi-Tenant

TAMPA (June 24, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $6.8 million for Woodlake Commerce Park, a 170,345 sq. ft. industrial/flex property located at 2330 Commerce Park Drive, NE in Palm Bay, Florida. Major tenants at the site are Syncron EMS and National Service Source, Inc. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a CMBS lender. “The sponsor did a great job of re-tenanting the subject property after the major tenant vacated,” Hernandez said. “The re-tenanting, along with the conservative loan request, compelled the lender to structure the transaction around tenant roll risk.”

Available Industrial properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.