NorthMarq Capital arranges long-term permanent financing for multifamily property in Houston, Texas
Elan Medical Center
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.
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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 $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.
