Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa-based regional office, secured new construction financing of $31.52 million for Cortona South Tampa, a 300-unit (two four-story apartment buildings and 20 two-story townhome buildings) multifamily property located at 5145 South Dale Mabry Highway in Tampa, Florida.
The development will also have a one-story 6,000 sq. ft. clubhouse with a resort style swimming pool and recreation areas. The transaction was structured with a 3-year term (+2-year extension) with interest only for the 3-year primary term on a 25-year amortization schedule for the 2-year extension. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“The multifamily property will be situated on a 13-acre site,” explained Hernandez. “The size of the site is significant for this densely built area in South Tampa allowing the 50-50 ratio of apartments and townhomes to be a uniquely less crowded gated community.”