(Carl Cronan is editor of Real Estate Florida.)
ORLANDO-NorthMarq Capital Inc. has arranged first-mortgage financing of nearly $4 million for Southport Center, a 74,214-square-foot industrial building at the Airport International Park of Orlando. The new building is currently in lease-up stage.
Financing is based on a four-year term with a one-year interest-only loan plus a 25-year amortization. Minneapolis-based NorthMarq arranged the mortgage with an Orlando-area financial institution on behalf of the building's owner, Southport at AIPO LLC.
"Experienced sponsorship with excellent financial strength, an 'A' location, plus superb facility design and excellent tenant flexibility were key to the lender's decision process," says Andy Moses, senior vice president and senior director of NorthMarq's Orlando regional office. Southport Center was constructed over the past two years and was originally designed as industrial condominium units.
Airport International Park occupies 1,350 acres south of Downtown Orlando, between Orange Avenue and Orlando International Airport. The park is designated as a development of regional impact and has rail service in addition to several roads.
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