Dealmaker: Northmarq Arranges $24M in New Construction Loan for Florida Apartments

(Rendering courtesy of Northmarq)

Northmarq, Bloomington, Minn., announced that its Debt and Equity team arranged a $23.76 million new construction loan for a planned mid-rise apartment community in Sarasota, Fla.

The team was led by Michael Padilla and Daniel Trebil of its Minneapolis office and Robert Hernandez of its Tampa, Fla., office.

Northmarq arranged financing on behalf of the borrower, Sarasota Station LLC, through a relationship with Synovus. The transaction was structured on a five-year term.

The development–Sarasota Station–will be a mixed-use property themed after the Suncoast Sarasota Railroad. It will include 202 units and numerous amenities.