Northmarq arranges refinance for 120,000-sq-ft office building in Houston, TX
Travis Fite, senior vice president, and Matt Franke, managing director, of Northmarq’s Houston Debt + Equity team successfully arranged a refinance for The Cannon, a 120,000-square-foot creative office property located at 1334 Brittmoore Road in Houston, Texas.
Northmarq secured permanent fixed-rate financing on behalf of its borrower, Brittmoore Founders District, through the firm’s relationship with a strong regional bank. The transaction was structured with a five-year term. The bank was able to maximize leverage on an out-of-favor asset type by being willing to learn the story of a dynamic asset that’s unique among its peers.
“Many lenders were unwilling to finance office, especially one with a co-working component, but our lender came through funding this loan which included a payoff of some subordinate debt,” says Fite.
Redeveloped in 2019, The Cannon is a fully leased creative office campus in Houston’s Katy Freeway West submarket. The property is anchored by The Cannon’s flagship coworking concept, which serves a community of entrepreneurs, innovators, professionals, and creative businesses through flexible workspace offerings, networking opportunities, startup programming, and other technology-focused initiatives. Strategically positioned near the intersection of Interstate 10 and Beltway 8, the property offers convenient access to Houston’s major population centers, including Memorial, Katy, Spring Branch, and Cypress.
Notable tenants at the property include The Cannon, Corva AI, B1 Bank, Chevron, Cart.com, and Solstice, a division of Honeywell. The campus has established itself as a hub for innovation and collaboration, bringing together startups, investors, service providers, and corporate users in a purpose-built environment designed to support business growth.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
