HOUSTON (Oct. 27, 2023) — Warren Hitchcock, senior vice president and managing director in Northmarq’s Houston office, secured construction financing for Maverick Distribution, a 435,680-sq.-ft. industrial facility which features a cross dock layout and 40-foot clear heights. Located adjacent to George Bush Intercontinental Airport and less than 10 minutes away from Beltway 8 and I-45, the property is very well located. The transaction was structured with a 5-year fixed rate non-recourse construction loan. Northmarq secured financing for the borrower through its relationship with a regional commercial bank.
“Northmarq was able to leverage our deep capital relationships with banks, life companies, structured capital and private equity to successfully finance this new ground up industrial development,” said Hitchcock. “We cleared the market and sourced a small handful of aggressive construction lenders at 65% LTC, which helped our client maximize leverage and their returns.”
Maverick Distribution boasts an excellent location at Eastveld Drive and Aldine Westfield Road in Houston. The property will be a state-of-the-art cross dock warehouse, situated on 26.52 acres and is expected to be completed in 2024.
“Once again, our persistence and perseverance led to an optimal outcome in a volatile capital market when most lenders were on the sidelines,” Hitchcock added. “This unique lender was able to provide a non-recourse loan at a very attractive fixed rate. Our sponsor and their equity partner are both happy with the financing and the process.”
Learn more about Northmarq’s financing services here.