NorthMarq Capital’s Houston office finalizes acquisition of Parkside Place in Pasadena, Texas

HOUSTON (August 14, 2017) Warren Hitchcock, senior vice president/senior director of NorthMarq Capital’s Houston regional office, negotiated acquisition financing of Parkside Place, a 321-unit multifamily property located in Pasadena, Texas. NorthMarq arranged financing for the borrower through its relationship with a balance sheet bridge lender. “We’re pleased to help finance the acquisition of this very well-located property using a value-add bridge loan with additional funding for capital improvements,” said Hitchcock. “Based on the strong location, sponsorship, cash flow, and underwriting metrics of this property we were able to attract very aggressive financing options up to 85 percent of costs, despite the recent oil downturn & headline risk within Houston. Ultimately we chose a balance sheet lender which performed flawlessly, a win-win for the lender and borrower.”