NorthMarq’s Cincinnati and Tampa offices collaborate to arrange $44.83 million in construction financing and preferred equity for multifamily property
TAMPA, FLORIDA (August 9, 2021) – Susan Branscome, senior vice president/managing director of NorthMarq’s Cincinnati office and Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, collaborated to secure a $34.23 million construction-to-permanent loan from one of NorthMarq’s correspondent life companies and sourced an additional $10.6 million in preferred equity for Swiftwater Apartments, a 288-unit multifamily property located on Centennial Boulevard in Port Charlotte, Florida. The terms of the deal were not disclosed.
Swiftwater Apartments is a Class-A suburban, garden-style apartment community scheduled to be delivered in mid-2023. The property is being built in the heart of the rapidly growing Southwest Florida region and is in close proximity to the area’s best shopping, dining and entertainment centers.
“We were able to accomplish meeting the borrowing client’s goals in raising the project debt and equity through NorthMarq’s vast network of sources,” said Branscome. “Our office has closed two construction-permanent loans with this life insurance company, which offers the ability to lock the interest rate at application and during construction and permanent financing phases thereby managing interest rate risk. The developer was able to meet its timeframe constraints and begin the project to meet the demands for rental housing in the area.”
Community amenities include: A resort-style pool with sundeck, a state-of-the-art clubhouse, BBQ grills, game room with billiards table, coffee bar, 24/7 fitness center, business center, dog park and pet wash station, playground as well as attached and detached parking garages. Apartment amenities include: Granite countertops, gourmet kitchens with stainless steel appliances, oversized walk-in closets, wood-inspired flooring, full-size washer and dryer, modern USB outlets, private patios and balconies.
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.
