NorthMarq Capital’s Houston office arranges permanent loan for refinance of construction loan for Preserve Plaza

Preserve Plaza
0000000000000000000000000725099
HOUSTON (April 4, 2016) – Warren Hitchcock, vice president of NorthMarq Capital’s Houston based regional office arranged the refinance of a construction loan for a retail property containing two tenants in a high growth area surrounding The Woodlands. The property, located on Kuykendahl Road near The Woodlands, contains 11,000 sq. ft. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “This was a repeat loan for this borrower and NorthMarq’s correspondent life company lender. This 15 year term permanent loan allowed the owners to refinance the construction loan long-term with a fixed rate in the low 4.0 percent range,” said Hitchcock. “The two tenant nature of the property provided some challenges with its lack of multi-tenant diversity; however NorthMarq guided the lender through the physical attributes, including the desirable location next to The Woodlands master planned community and the new Grand Parkway despite the low barrier to entry within the immediate market.”

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 and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

Image
NM Web Icon News Black

Stay on top of industry research