HOUSTON, TEXAS (November 2, 2021) – Warren Hitchcock, senior vice president/senior director of Northmarq’s Houston office, completed the refinancing of Havenwood Office Park. The 240,000 sq. ft. class A office property is located at 25700 I-45 in The Woodlands, Texas. The transaction was structured with a 10-year term with 5-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan with a 3.70 percent interest rate for the borrower through its relationship with a non-bank securitized lender.
Northmarq was able to successfully navigate difficult capital markets during the first half of the year to provide the borrower with a significant return of equity and long-term loan at a great rate despite the pandemic and the building’s largest tenant not taking occupancy until closing. The transaction required multiple tours and discussions on the market to educate lenders on The Woodlands office market and the specific asset, which ultimately was realized as one of the most engaged and active office buildings the lender has witnessed since the beginning of the pandemic.
“The owners of this property developed an extraordinary Class A LEED certified office product and completed lease-up to a diverse group of tenants without any oil and gas concentration. Securing financing for an office asset in Houston during a pandemic and a recovering oil/gas market was not the highest priority for most lenders, regardless of the quality,” Hitchcock said. “The borrowers were very pleased with the terms from lender and service from Northmarq on a quick 30 day closing.”