Robert Hernandez arranged $3.575 million mortgage for North Tampa Shores Shopping Center in Oldsmar, Florida

TAMPA (April 24, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged acquisition financing of $3.575 million for North Tampa Shores Shopping Center, a 31,200 sq. ft. retail center located at 4009-4013 Tampa Road in Oldsmar, Florida. Major tenants at the site include Moe’s Southwest Grill, Flamestone Grill, FedEx Kinkos and AT&T Wireless. Financing was based on a 12-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, Morni Holdings, LLC, through its relationship with a correspondent life company lender. “The borrower was able to purchase this newer shopping center at below replacement cost because of the immediate tenant roll risk,” Hernandez said. “The borrower provided significant equity to this value-added transaction which allowed the lender to become comfortable with the immediate tenant roll risk. Once the borrower/new owner repositions the property, the value added should be significant making the lender’s long-term fixed-rate loan even more secure.”