Northmarq secures $1,105,000 construction loan for Hallandale Beach mixed-use property
FORT LAUDERDALE, FL (May 28, 2024) — Bob Harrington, vice president of Northmarq’s Fort Lauderdale Debt + Equity office, successfully arranged the construction financing of a 9,818-sq.-ft. mixed-use property for $1,105,000.
Northmarq arranged financing on behalf of the borrower, a local owner-developer, through a relationship with a regional commercial bank. The transaction was structured on a 3-year term with 2 years interest only and a 25-year amortization schedule.
“Northmarq was pleased to assist our local developer client with construction financing for this project,” said Harrington. “A regional bank partner was able to step up and provide attractive financing terms. This project will be a steppingstone to more and larger projects for the sponsor.”
The multi-tenant property boasts an excellent location in the Miami-Fort Lauderdale MSA and is just one block from I-95 and Hallandale Beach Boulevard.
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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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.
