Multifamily - Debt

NorthMarq’s Houston office negotiates bridge loan for multifamily property acquisition in Texas City, Texas

HOUSTON, TEXAS (July 30, 2021) – Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston office, secured a bridge loan for acquisition financing of Savan Villas. The 132-unit class B garden-style property is located in Texas City, Texas. The transaction was structured with a 5-year term with 3-years of interest only and a 30-year amortization schedule thereafter. NorthMarq secured bridge financing for the borrower through its correspondent relationship with a life insurance company. 

“NorthMarq successfully negotiated an acquisition bridge loan for up to 75 percent LTC with our correspondent life company lender. This lender can offer future funds and a low fixed rate on a transitional asset such as this deal. The borrower and lender moved to close quickly in under 45 days,” said Hitchcock. 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.