NorthMarq Capital’s Houston office arranges refinance of The Block at Montrose in Houston, Texas
HOUSTON (August 14, 2017) Warren Hitchcock, senior vice president/senior director of NorthMarq Capital’s Houston regional office, arranged refinancing of The Block at Montrose, a 62-unit multifamily property located in Houston, Texas. The transaction, with a fixed rate of four percent, was structured on a five-year loan term and a 25-year amortization schedule. NorthMarq arranged refinancing for the borrower through its relationship with a correspondent life company. “This property is prominently located in the epicenter of the Montrose/Westheimer district surrounded by new development. After purchasing the property originally with a local bank loan, we provided the owners a new loan through one of our correspondent life company lenders with the most aggressive & flexible terms in the marketplace,” said Hitchcock. “This allowed the borrower to replace the full recourse bank loan with non-recourse debt as well as provide additional capital to further improve the interiors of the property. Both the lender and borrower were extremely happy with the final deal.”
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