Northmarq Arranges $56M in Pre-stabilized Financing for Jacksonville Community
Northmarq has arranged a $56-million first mortgage loan secured by Fountainhead, a 360-unit, Class A multifamily on Corklan Drive in Jacksonville, FL.
Ryan Whitaker of Northmarq arranged pre-stabilized financing structured as a 10-year, fixed-rate, full-term, interest-only loan with a life company lender.
“The project was still under construction when we began the process of refinancing the borrower’s construction loan,” said Whitaker. “In a period of rapidly rising interest rates and economic uncertainty we were able to lock the borrower’s interest rate at application and close the loan once the project received its final certificate of occupancy taking increased interest rate risk off the table for our client.”
Community amenities include business center, clubhouse, lounge, fitness center, pool, playground, car care center, dog agility park and on-site garages.
The property is less than a mile from employment centers Baptist South Hospital, Citibank’s Jacksonville corporate office and Flagler Center office park.
- ◦Financing