NorthMarq's Tampa office arranges $6.8 million mortgage for Woodlake Commerce Park in Palm Bay, Florida
Woodlake Commerce Park
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
