HOUSTON, TEXAS (August 23, 2021) – Matt Franke, senior vice president, and Michael Borden, investment analyst in NorthMarq’s Houston office, collaborated to arrange the refinancing of Heritage Place II. The 16,630 sq. ft. medical/professional office property is located at 21325 Eva Street in Montgomery, Texas—a rapidly growing Houston suburb. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with Standard Insurance Company. The Class A property is currently 100 percent occupied with three tenants.
“Our fixed rate loan was used to replace the owner’s maturing construction loan and eliminate most of the covenants typically required by local bank lenders,” said Franke. “The lender is NorthMarq’s correspondent, Standard Insurance Company which has been a consistent and reliable lender for us for more than 20 years.”