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Florida & Gulf Coast  + North Florida  + Finance  | 
Northmarq has arranged a $56-million first mortgage loan secured by Fountainhead apartments on Corklan Drive in Jacksonville, FL.

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.


Inside The Story

Northmarq's Whitaker

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Financing
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