HOUSTON (April 8, 2015) – Warren Hitchcock, vice president of NorthMarq Capital’s Houston based regional office arranged acquisition financing for the Shops at Spencer, an 11,894 sq.ft. retail property located in La Porte, Texas. The new construction/long-term transaction was structured with a 15-year term and 25-year amortization schedule and a historically low rate. NorthMarq arranged financing for the borrower through its correspondent life insurance company relationship. Major tenants include Schlotzsky’s and T-Mobile.
“The buyer of this new, high quality, and well located retail center on the East Side of Houston locked in a 15 year loan at a historically low rate with one of our active life insurance company lenders as oil prices dropped significantly during the process. The fact is, the life company needs to deploy more capital in properties like this and is under allocated in Houston,” said Hitchcock.
