TAMPA, FLORIDA (September 28, 2021) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office negotiated the $8.45 million refinance for a 170,345 sq. ft. light industrial/flex property located in Palm Bay, Florida.
The permanent, fixed rate loan was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company lender.
Built in 1987, the subject consists of two, single story buildings spread across 15.22-acres. At the time of closing, the subject was 100 percent occupied.
“Due to the sponsor’s efforts in maintaining and leasing the property, we were able to secure a superior loan through our correspondent relationship with the life company,” said Hernandez.