Northmarq finalizes $4.75 million acquisition financing for 701 Plastics in Houston, Texas

HOUSTON, TEXAS (August 18, 2022) – Matt Franke, senior vice president of Northmarq’s Houston debt/equity team, arranged the $4.75 million financing of 701 Plastics. The 88,000 sq. ft. class B- industrial office warehouse property (built in 1980 and renovated in 2020) is located at 701 Plastics, Houston, Texas.

The transaction was structured with a 10-year term on a 25-year amortization schedule. Northmarq secured the permanent-fixed loan for its repeat Houston-based borrower through its relationship with a correspondent life insurance company.

“After reviewing multiple competitive loan proposals, our correspondent life company lender was chosen because of their higher loan proceeds, simple closing process and ability to lock rate with the signed application. The borrower obtained a sub four percent interest rate fixed for 10 years in a rapidly increasing rate environment,” said Franke.

Property features include: Three cranes, 25-ton, 20-ton, and 5-ton. 6.25 acres. Located on the Houston Ship Channel, less than 1 mile from the East River Development.