HOUSTON (February 7, 2013) – Warren Hitchcock, vice president of NorthMarq’s Houston-based regional office, arranged first mortgage refinancing for a 92 room Med Center Extended Stay Limited Service Hotel located at 3134 Old Spanish Trail in Houston, Texas. This property attracted a number of potential lenders based on an excellent location near the Texas Medical Center and strong operating fundamentals with occupancy rates over 75%. Financing for this transaction was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, Med Center Hospitality, LLC, through its relationship with a CMBS lender. “Financing for Limited Service Hospitality has been rare & difficult lately; however, thanks to an improving economic climate, a number of capital sources are looking to finance this asset class,” said Hitchcock. That being said, “Only the best locations and class leaders are aggressively quoted. In this case, the location in the Texas Medical Center was excellent and the borrower was able to achieve high loan proceeds including a cash out refinance.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
