HOUSTON, TEXAS (July 16, 2021) – Gary Hough, senior vice president in NorthMarq’s Houston office, arranged the $23.8 million recapitalization of a single-tenant industrial portfolio consisting of 13 class A & B properties across eight states (Alabama, Colorado, Indiana, Louisiana, Maryland, Texas, Virginia, Wyoming). The recapitalization payoff acquisition line of credit and consolidation into one loan) was structured with a 21-year fully amortizing term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life company lender.
“This transaction is part of more than $100 million of financing with this borrower that NorthMarq has completed over the past two years,” explained Hough. “We were able to offer some flexibility for collateral substitutions and prepayment.”