Northmarq arranges $3.1 million refinance of suburban multi-story office building in Houston, Texas
HOUSTON, TEXAS (August 24, 2022) – Travis Fite, senior vice president of Northmarq’s Houston debt/equity team, finalized the $3.1 million cashout refinance of Southwest International Building. The 39,868 sq. ft. multi-story class B office building is located on South Wilcrest Drive in Houston, Texas. It was built in 1982 and last renovated in 2020. The property is conveniently located less than half of a mile from Interstate 69 South and Beltway 8.
The transaction was structured with a 10-year term on a 25-year amortization schedule. Northmarq secured the non-recourse, permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
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