NorthMarq Secures Tidy Refi for Upscale Duo
- Oct 02, 2015
NorthMarq Capital has refinanced a pair of upscale assets in Key West and Port St. Lucie for a combined $74.6 million. The Westin Key West Resort and The Atlantic at Tradition Apartments. Bill Johnson, a senior vice president & managing director based in the financial intermediary’s Boca Raton office secured the financing for both properties.
The Westin Key West Resort hotel, located at 245 Front Street in Key West, was refinanced for $50 million in a transaction structured with a fully amortizing 20-year term. Certified as a Green Lodging Resort, the property offers a pool, marina, two spa facilities, beach access, and a fitness studio.
The Atlantic at Tradition Apartments is a 252-unit multifamily asset located at 10297 SW Village Parkway in Port St. Lucie. The property was refinanced for about $24.6 million, and the deal was structured with a 10-year term that includes two years of interest only, followed by a 30-year amortization schedule.
Part of an 8,300-acre master-planned community, the property offers a list of amenities that includes an on-site park, clubhouse, theater, swimming pool, outdoor veranda, a 24-hour fitness center, conference room, children’s play area, tennis court, and a lakeside walking trail.
NorthMarq arranged financing for the borrowers through an undisclosed life insurance company.