NorthMarq Brokers $52M in New Mortgages

The largest loan, $30 million, was for I-4 Holdings, owner of LazyDays RV Center, an automotive tenant in Seffner, five miles east of Downtown Tampa. Aegon, the holding company of the Aegon Group, a British insurance conglomerate, provided the 18-year loan on an 18-year amortization schedule. "This was a complicated transaction that took the cooperation and flexibility of the tenant, the borrower and the lender," says Robert Hernandez, senior vice president and managing director of NorthMarq's regional office in Tampa. "Without Aegon's willingness to work through difficult issues, the transaction would have never closed."

In Orlando, NorthMarq arranged $10 million in first mortgage financing with New York-based ING for the 240,000-sf, 170-tenant Grand National Plaza office property near Orlando International Airport. The 10-year loan based on a 25-year amortization schedule was made for the property's owners, Bel-Cal and Bel-Alta Properties.

Christopher Feeley, senior vice president of equity investments in NorthMarq's Washington, DC regional office, and Joel Coykendall, senior vice president in the firm's Jacksonville office, teamed to arrange a $7.5-million joint venture equity investment for Ponte Vedra Beach Village, a 300-unit condo conversion in Ponte Vedra.

For Atlanta-based Julian LeCraw & Co., the project's development partner, the funding transaction represented one of the last major multifamily redevelopment and conversion ventures in the city, an international destination resort. Ponte Vedra Beach Village marked the 12th multifamily property acquired by Julian LeCraw in the Jacksonville market.

Also in Ponte Vedra, NorthMarq arranged a nearly $4.8-million first mortgage with Genworth Financial for the 44,536-sf Ponte Vedra Square Shopping Center. The 15-year loan with a 15-year amortization schedule was arranged for Demetree Brothers, a long-time Jacksonville area developer.