NorthMarq Capital’s Houston office secures refinance of Hidden Lakes Retail I & II in League City, Texas

HOUSTON (March 2, 2017) – Warren Hitchcock, senior vice president/senior director of NorthMarq Capital’s Houston-based regional office, negotiated the refinance for Hidden Lakes Retail I & II, a 37,975 sq. ft. retail property located in League City, Texas. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Wendy’s, Floors for Living, and Mattress1One represent the property’s major tenants. “The local sponsors successfully developed this property across from a new HEB Grocery Store, within a booming area of League City,” said Hitchcock. “The sponsor’s goal is to own quality retail long-term, lock in a low interest rate, use conservative leverage, and one of our life company lenders aggressively pursued the financing at historically low long-term rates for a 20-year term. The borrower locked the rate early during final construction and was very happy with the terms and execution beginning to end.”