Northmarq’s Nashville office secures refinance for Plaza Balcones in Austin, Texas
NASHVILLE, Tenn. (Sept. 14, 2023) — Jesse Lemos, senior vice president, arranged the refinance of Plaza Balcones. The 23,954 sq. ft. retail strip is located at 5515 Balcones Drive in Austin, Texas. The refinance was structured on a five-year term with a 30-year amortization schedule. Northmarq secured the permanent fixed financing through StanCorp.
“This property was an internal refinance and has been in our loan portfolio for 25 years with three different life company lenders,” Lemos said . “The lender and borrower agreed to a modest cash-out, non-recourse, 30-year amortization on a five-year fixed term. StanCorp provides one of the best loan programs in the country. We rate locked this deal at 5.88% before the markets moved north of 6.5-7.0%.”
Plaza Balcones was 100% leased at the time of the transaction. The class B property is situated in a popular neighborhood of north Austin. Tenants at the property include: Independence Title, Juice Land, Any Lab Test, Twin Liquors, Craig O’s and Pure Partners.
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