SARASOTA, FL-It took only 45 days for Cleveland-based Key Bank to fund a $47.6-million, floating rate bridge loan for the 488-unit Travini Apartments here. The deal was completed in 45 days during a period when three hurricanes struck the west Florida coast region. Minneapolis-based NorthMarq Capital Inc. brokered the loan.

“Key Bank liked the location and the limited development rights and barriers of entry associated with that part of Sarasota,” says Bruce Whipple, NorthMarq’s vice president in the Westchester, NY office. Joel Coykendall, senior vice president in the firm’s Jacksonville regional office, worked with Whipple on arranging the loan.

The three-year, interest-only loan has extension options. The interest rate range and the options were not disclosed. The 28-office NorthMarq Capital firm posts an average $8 billion in annual transactional volume and services a loan portfolio of $24 billion.


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