NorthMarq negotiates $1.375 million refinance of Financial Center Office Building in Fort Myers, Florida
MIAMI, FLORIDA (May 4, 2020) – Bob Harrington, vice president of NorthMarq’s Miami office arranged the $1.375 million refinance of Financial Center Office Building, a 30,626 sq. ft. office property located at 7370 College Parkway in Fort Myers, Florida. The permanent-fixed 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 regional bank.
“The borrower was seeking non-recourse financing, with flexible prepayment during the loan term. We locked a fixed interest rate in the mid-3%'s, with a step-down prepayment schedule that left the last 3 years of the loan open at par,” said Harrington. “While the interest rate was locked pre-COVID-19, there was excellent communication by all parties involved during the process to keep things on track and close ahead of schedule.”
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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.
