HOUSTON, TEXAS (April 27, 2021) – Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston office, secured the refinancing of MV Lofts. The 42-unit, class B multifamily property is located in the Inner Loop of Houston, Texas. The transaction was structured with a 10-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
The borrower required a higher leverage option with short term flexibility at an aggressive 3.50 percent rate,” said Hitchcock.