Multifamily
Debt & Equity

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.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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Palms on Westheimer
Debt
$24,100,000