Multifamily - Debt

NorthMarq Capital arranges $24.1 million acquisition financing for the Palms on Westheimer

SAN DIEGO, CA (October 9, 2013) – Marty Meagher and Gardiner Champlin, managing directors of NorthMarq’s San Diego regional office, secured acquisition financing of $24.1 million for The Palms on Westheimer, a 798-unit multifamily apartment complex located at 6425 Westheimer Road, Houston, Texas. Financing was based on a 5-year fixed loan term with the first 18 months interest only and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, WOP Palms, LLC, through its relationship with a CMBS lender. “The borrower received outstanding service from the lender through a complex and stressful closing process,” said Champlin.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.