NorthMarq’s Houston office completes $1.5 million refinance of class A industrial property in Pasadena, Texas
HOUSTON, TEXAS (April 11, 2021) – Matt Franke, senior vice president of NorthMarq’s Houston office arranged the $1.5 million refinance of Suez Water Technologies & Solutions Office/Warehouse, a 20,224 sq. ft. industrial property located in Pasadena, Texas. The permanent-fixed loan was structured with a 10-year term on a 25-year amortization schedule. NorthMarq negotiated financing for the borrower through its exclusive correspondent relationship with insurance company lender Innovative Capital Advisors.
“NorthMarq was engaged by the borrower to source non-recourse financing for this well-located single tenant industrial property. The interest rate was fixed at application acceptance, which offered rate protection to the borrower during a rising rate period. NorthMarq’s lender proved to be flexible by waiving the SNDA requirement in order to meet the funding deadline,” said Franke.
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