NorthMarq Capital arranges $24.1 million acquisition financing for the Palms on Westheimer
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
