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Mercury Advisors Secures Financing for Grand Central at Kennedy

NorthMarq Arranges $18.3M Bridge Loan for Mixed-use Property in Tampa
January 16, 2018
Mercury Advisors, a commercial real estate investment firm, secured an $18.25 million bridge loan financing for the Grand Central at Kennedy mixed-use project located at 1120 E. Kennedy Blvd. in downtown Tampa, FL.

The loan carries has a five-year term and a 25-year amortization schedule. Bob Hernandez, senior vice president and managing director of NorthMarq Capital’s Tampa office, arranged the financing on behalf of the borrower.

“Sponsors worked diligently for more than 10 years through the recession to get the subject property stabilized. The tenant roster is continually improving and stabilizing the entire neighborhood,” said Hernandez. “It was a combination of loan amount and pricing, along with a desire to work with a local lender that won the transaction for the local bank.”

The Grand Central at Kennedy is a 161,000-square-foot, mixed-use property containing two buildings, one retail and one multifamily, both constructed in 2007. The eight-story multifamily building features 392 units and more than 1,400 parking spaces. The two-story retail building is currently home to a number of popular tenants, including the Cena Italian restaurant and Quality Distribution, according to CoStar information.
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