HOUSTON (January 30, 2013) – Lori Sowa, William Luedemann and Roger Trapnell of NorthMarq’s Houston-based regional office arranged construction financing of $7.265 million for Islands of Rockport located at 4440 Hwy 35 S in Rockport, Texas. The property is a single-family lot development situated on approximately 25 acres for 50 single-family residences.
Financing was based on a 2-year term interest only with extension options. NorthMarq arranged this financing for the borrower through its relationship with a private investor. Loan proceeds are for infrastructure improvements for canal lots. “We started this transaction five years ago before the second home market in Texas softened,” said Sowa. “The developer had continued strong demand for the lots; however, financing became increasingly difficult. The time was right for this private investment group to fund the infrastructure improvements.”