HOUSTON, TEXAS (September 21, 2021) – Travis Fite, Senior Vice President of NorthMarq’s Houston office, arranged the $3.3 million refinancing of Cutten Industrial Park. The 35,625 sq. ft. industrial property is located in Houston, Texas. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged the permanent fixed-rate loan for the borrower through its correspondent relationship with a life insurance company.
“Our team sourced a lender capable of working with the project size and borrower’s non-recourse requirements. The combination of cash-out proceeds and non-recourse won the deal for our correspondent lender,” said Fite.