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Dealmaker: NorthMarq Capital Arranges $37M to Refi Three Properties
NorthMarq Capital, Minneapolis, arranged $36.5 million to refinance three assets in Florida and New York.
Robert Hernandez, managing director of NorthMarq’s Tampa, Fla., office, negotiated $14 million to refinance Publix at Summerfield Crossings, a 70,000-square-foot retail property in Riverview, Fla.
NorthMarq structured the cash-out refinance for borrower Big Bend Group through its correspondent relationship with a life insurance company. The 10-year loan’s terms included two years interest-only followed by a 30-year amortization schedule.
Hernandez noted that the Publix grocery-anchored retail center has performed well for years. “As a result of the sales and occupancy of the center, both the lender and borrower were comfortable maximizing the loan amount,” he said.
Hernandez also secured $12.5 million to refinance Lakehouse Luxury Apartments in Plant City, Fla. The 10-year loan included a 30-year amortization schedule.
Borrower Lakeside Gardens of Plant City LLC received the full loan amount requested despite the property’s recent completion. “The quick lease-up allowed NorthMarq’s Fannie Mae Delegated Underwriting and Servicing team to aggressively underwrite the property and fund the requested loan amount,” Hernandez said.
In New York, NorthMarq senior vice president and managing director Ernest DesRochers and Senior Director Charles Cotsalas collaborated to arrange $10 million to refinance X-Cell Realty, a 167,000-square-foot office in New Hyde Park. NorthMarq arranged the fully amortizing 20-year loan through its relationship with a correspondent life insurance company.
“The lender structured the loan to allow for very flexible prepayment terms for the borrower during the last half of the loan term,” DesRochers said.