NorthMarq secures $11 million refinance of mixed-use property in Austin, Texas

The Collective

Debt & Equity

Multi-Tenant

AUSTIN, TEXAS (June 2, 2021) – John Morran, senior vice president/managing director and Gerald Logan, vice president of NorthMarq’s Austin office, arranged the $11 million refinance of The Collective. The 83,000 sq. ft. mixed use property is located at 7601 South Congress Avenue in Austin, Texas.

“We were able to provide an excellent non-recourse, cash out refinance to take out the developers original construction loan. The new long-term fixed rate loan was placed with one of NorthMarq’s life insurance company correspondent relationships. The lender was impressed with the sponsors ability to complete their lease-up of this project during the pandemic with a mix of tenants from different industries and with a variety of business models that are truly reflective of the projects name - The Collective,” said Morran.

The property features flex space designed for warehouse, workshop, office and retail type uses (six buildings zoned for commercial services). Tenants benefit from the property’s close proximity to the Austin downtown (6 miles), IH35 (0.35 miles), South Park Meadows Retail (1 mile), Austin International Airport (9.5 miles) and William Cannon road & Slaughter Lane (1 mile).

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About Northmarq

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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.