Robert Hernandez arranged $14 million mortgage for Landings at Boot Ranch in Palm Harbor, Florida
Landings at Boot Ranch
TAMPA (July 8, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged first mortgage refinancing of $14 million for Landings at Boot Ranch, a 232-unit, market-rate multifamily community located at 212 Katherine Blvd. in Palm Harbor, Florida. Financing was based on a 15-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, a national multifamily investor, through its relationship with a correspondent life company lender. Total loan proceeds were disbursed at closing even though the subject property was still in the rehab and lease-up phase. “The sponsor purchased the defaulted note on the subject property and began an extensive rehab of the structure – exterior and interior,” Hernandez said. “The opportunistic purchase and extensive rehab created enough value to compel the lender to fund the entire loan prior to the completion of the work.”
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.
