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.