Arranges acquisition financing of Lakewood Town Square in Northwest Houston, Texas
Lakewood Town Square
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.”
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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.
