HOUSTON, TEXAS (April 1, 2019) – Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston regional office arranged a bridge loan for the acquisition of Terrace Villas, a renovated 150-unit multifamily property located just minutes from NASA, Clear Lake Regional Medical Center, UH Clear Lake, and Baybrook Mall in Houston, Texas. The expansion of I-45 has allowed the Clear Lake and League City area to continue its boom considering its access to the Texas Medical Center and Downtown Houston.
“The partially renovated and cash flowing property allowed a unique financing structure. Considering the strong in-place income and substantial value remaining, NorthMarq was able to facilitate another great solution for their client,” said Hitchcock. “Specifically, we originated a balance sheet life company loan over 75 percent LTC with the ability to fund improvements and earn out additional funds once the renovation and improvements were complete. This was all on a low fixed-rate and non-recourse basis.” Hitchcock, possessing an extensive history with this lender, noted, “No bank or bridge fund could compete with this rate, leverage, or structure.”