Northmarq finalizes $4.5 million refinance of Portway Plaza in Houston, Texas
HOUSTON, TEXAS (February 10, 2022) – Travis Fite, senior vice president of Northmarq’s Houston debt/equity team, arranged the $4.5 million cashout refinance of Portway Plaza. The 66,747 sq. ft. class B/4-story suburban multi-tenant office property is located at 1717 Turning Basin Drive in Houston, Texas. Property features include: 24-hour controlled access, property manager on site, security system, central heating and air conditioning. The property also contains 215 surface parking spaces. Tenants at the property and commuters benefit from its close proximity to the Houston Ship Channel, as well as Loop I-610.
The transaction was structured with a non-recourse, 10-year fixed rate term on a 25-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
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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, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.
