HOUSTON, TEXAS (November 8, 2022) – Larry Peters, senior vice president and Adam Unger of Northmarq’s Houston debt/equity office, arranged the refinance of a 174,139 sq. ft. class A single-tenant industrial office/warehouse property (built in 1992) located in Houston, Texas. The transaction was structured with a fully amortizing long term loan. Northmarq secured financing for the borrower through one of its national relationships with a correspondent life insurance company.
Located in northwest Houston, the property boasts strong demographics, with demand for industrial space surpassing the available supply. The property’s close proximity to US 290 as well as Beltway 8 makes commuting and access to and from the property ideal. The building sits on approximately 14 acres and contains open parking as well as an abundant amount of truck/trailer parking.
“We actively started to address the needs of the borrower for this asset over a year ago. The borrower’s desire was to refinance and lock in the rate at the lower first quarter rates of 2022, but fund at the end of October,” said Peters. “To meet his request, we represented him to a national group of lenders with early rate lock capabilities. Through our relationships, we locked the rate eight months prior to funding. This enabled the borrower to secure a long term interest rate 225 basis points below what was available at the time of closing.“