NorthMarq Capital's Houston office arranges $7.265 million mortgage for Islands of Rockport in Rockport, Texas
Islands of Rockport
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.”
About Northmarq
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.
