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.