NorthMarq Capital finalizes $24.75 million refinance for Northern Nevada agricultural land
Agricultural Land
TAMPA (April 21, 2016) – Robert Hernandez, managing director of NorthMarq Capital’s Tampa-based regional office, in conjunction with NorthMarq Capital’s Las Vegas office, arranged the $24.75 million refinance of 479,660 acres of Northern Nevada agricultural land. The transaction was structured with a 10-year term with 2-years interest only, followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower, New Nevada Land, LLC, through its relationship with an international bank. The low leverage, non-recourse agricultural loan allowed for improved cash-flow. “The sponsors and lender worked diligently and negotiated compromises, which expedited the closing of the transaction,” said Hernandez.
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
