HOUSTON (May 28, 2015) – Tony Gray and Kerry French, managing directors of NorthMarq Capital’s Houston based regional office arranged a permanent, capped ARM loan for Elan Medical Center, a 281 multifamily property located at 7010 Staffordshire in Houston, Texas. The transaction was structured with a 7-year term featuring 3-years of interest only payments, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
“Elan Medical Center is a unique new community which capitalizes on its close proximity to the Texas Medical Center, one of Houston’s largest job creators. The borrower and their pension fund partner plan to hold this core investment for the foreseeable future. The new financing provides a low-rate, long-term solution to accommodate their objective.” said French.