HOUSTON (March 2, 2017) – Warren Hitchcock, senior vice president/senior director of NorthMarq Capital’s Houston-based regional office, arranged acquisition financing for Nassau Bay Apartments, a 162-unit class “B” multifamily property located at 18100 Nassau Bay Drive in Houston, Texas. The transaction was structured with a 5-year term with 3-years of interest only followed by a 25-year amortization schedule. NorthMarq arranged the non-recourse financing for the borrower through its relationship with a bridge lender.
“This was a unique opportunity to acquire a property with good existing cash-flow and extraordinary upside in a very desirable neighborhood in Nassau Bay, within the Clear Lake Area,” explained Hitchcock. “A number of lenders were interested in providing the acquisition/bridge financing for the purchase and renovation of the property next to NASA, The Port and Houston’s booming petrochemical network. Ultimately, we originated a bridge loan with a private fund which has a strong national relationship with NorthMarq at 82 percent LTC, with future funding, prepay flexibility and a low floating rate on a non-recourse basis. The deal was a win-win.”