NorthMarq Capital arranges $16.96 million acquisition financing for three property multifamily portfolio in Houston, Texas
Multifamily Portfolio
SAN DIEGO (October 22, 2013) – Marty Meagher and Gardiner Champlin, managing directors of NorthMarq’s San Diego regional office, arranged acquisition financing of $16,965,000 for Ashwood Park, Meadowbrook and Parkside, three conventional market rate multi-family properties located in Pasadena and Humble, Texas. Financing was based on a 5-year term and a 30-year amortization schedule after 18 months of interest only. The combined deal, containing 564 units, is part of a four property acquisition from two sellers in the Houston MSA. NorthMarq arranged financing for the borrower through its relationship with a CMBS conduit lender. “The sponsor was very grateful for the diligent and timely efforts of the lender to help manage through a very complex transaction and achieve a successful closing,” said Champlin.
About Northmarq
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.
