Melbourne, Fla. — The property, Mary Star of the Sea, received CMBS funds.
Melbourne, Fla. — Robert Hernandez, managing director of NorthMarq Capital's Tampa regional office, arranged refinancing of $5.25 million for Mary Star of the Sea, a 42,380-square-foot property that serves the Florida Institute of Technology. Financing was structured with a 10-year term and 30-year amortization schedule and was arranged by NorthMarq for the borrower through its relationship with a CMBS lender.
"The loan amount, secondary market, and small college made the transaction difficult," Hernandez says. "However, the lender recognized the substantial value the developer had created and provided the requested nonrecourse loan. Both the lender and developer stayed flexible throughout the process which allowed the loan to be funded in accordance with the loan request in a timely fashion."