HOUSTON, TEXAS (June 10, 2020) – Matthew Bronstein, vice president of NorthMarq’s Houston office secured the refinancing of 3322 Richmond Office Building. The 18,000 sq. ft. property is located in the Greenway Plaza Submarket of Houston, Texas. NorthMarq arranged financing for the borrower, M-K-L Properties, through its correspondent relationship with a life insurance company.
“NorthMarq and their correspondent life company lender were able to creatively structure the financing around the deal’s complexities. I greatly appreciate the effort & determination put forth by Matthew and the NorthMarq team to get this transaction over the finish line in spite of the unknowns and uncertainties in the financing market created by the pandemic,” said Dan Lavin, President of M-K-L Properties.
“In the midst of all of the COVID-related economic disruption and widespread “stay at home orders,” NorthMarq’s correspondent life company was able to deliver their permanent financing as initially quoted and on time. Single tenant properties present their own challenges during normal market conditions and this deal was no different. NorthMarq and their correspondent lender were able to structure the loan favorably for the borrower to provide maximum flexibility in the future, while maintaining a low fixed interest rate,” said Bronstein.