NorthMarq’s Houston office arranges acquisition financing of $3,825,000 for Louetta Creek Plaza in Spring, Texas

HOUSTON, TEXAS (April 11, 2021) – Travis Fite, senior vice president of NorthMarq’s Houston office completed acquisition financing of $3,825,000 for Louetta Creek Plaza. The 26,472 sq. ft. retail property is located in Spring, Texas. NorthMarq arranged the permanent, fixed-rate loan for the borrower through its correspondent relationship with StanCorp, a life company lender. Tenants at the property include: State Farm, Snowflake Donuts, Expro Nails, Leslie’s Pool Supplies, Pizza Zone, and others.  

Even through the peak of COVID-related slowdowns, the tenants at the property have been able to adapt, with some of the restaurant tenants even enjoying increased sales through new takeout business. Its prime location on the well-travelled Louetta Road makes it an easy stop for Spring area residents to enjoy the good and services offered at this property. 

“This acquisition loan was for a repeat borrower who had done previous business with StanCorp which made for an extremely smooth closing for this strip retail property at a sub four percent interest rate,” said Fite.