NorthMarq arranges acquisition financing of $7.45 million for retail property on 99-year ground lease
The Depot Retail
AUSTIN, TEXAS (February 13, 2020) – Jesse Lemos, vice president of NorthMarq’s Austin office secured acquisition financing of $7.45 million for The Depot Retail. The property, located at 401 East Whitestone Boulevard in Cedar Park, Texas, contains 49,251 sq. ft. Major tenants on the property include: Wild West and Flex Fit.
“The property was situated on a 99-year ground lease with 83 years remaining. NorthMarq was able to secure highest proceeds, non-recourse and the best rate for our client,” said Lemos.
Financing Details:
- 7-year term
- 25-year amortization schedule
- Non-recourse
- NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a credit union.
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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.
