HOUSTON (January 15, 2016) – John Burke, managing director of NorthMarq Capital’s Houston based regional office arranged an $8 million interest-only, fixed-rate loan for a mixed-use office and retail property located on Broadway (FM 518), in Pearland, Texas. The transaction was structured with fixed term featuring flexible prepayment options. NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company lender.
“The population growth rate in Pearland from 2000 to 2010 was 142 percent, which ranked Pearland as the 15th fastest growing city in the U.S. during that time period. Pearland is a unique new community that capitalizes on its close proximity to the Texas Medical Center and downtown Houston. The new financing provides a low-rate solution with flexible prepayment to accommodate the borrower’s objective,” said Burke.