HOUSTON (July 28, 2014) – Warren Hitchcock, vice president of NorthMarq Capital’s Houston based regional office secured acquisition financing for Lakewood Town Square, a 32,000 sq.ft. retail property located in Northwest Houston, Texas. The bridge loan was structured with a 10+10-year term fully amortizing and was arranged for the borrower, a local private buyer, through NorthMarq’s correspondent relationship with a life company, Symetra.
“This was a unique bridge loan completed with aggressive permanent debt terms” said Hitchcock. “NorthMarq obtained financing via one of its correspondent life companies on a distressed purchase, difficult seller, and low occupancy. Symetra Life was aggressive and flexible through the whole process, exceeding the borrower’s requests—they were able to close within 45 days on the purchase and provided a long term debt option with a low 4.0 percent rate versus the local short term bank option.”