Mixed Use - Debt


NorthMarq secures $11 million refinance of mixed-use property in Austin, Texas

AUSTIN, TEXAS (June 2, 2021) – John Morran, senior vice president/managing director and Gerald Logan, vice president of NorthMarq’s Austin office, arranged the $11 million refinance of The Collective. The 83,000 sq. ft. mixed use property is located at 7601 South Congress Avenue in Austin, Texas. 

“We were able to provide an excellent non-recourse, cash out refinance to take out the developers original construction loan. The new long-term fixed rate loan was placed with one of NorthMarq’s life insurance company correspondent relationships. The lender was impressed with the sponsors ability to complete their lease-up of this project during the pandemic with a mix of tenants from different industries and with a variety of business models that are truly reflective of the projects name – The Collective,” said Morran.

The property features flex space designed for warehouse, workshop, office and retail type uses (six buildings zoned for commercial services). Tenants benefit from the property’s close proximity to the Austin downtown (6 miles), IH35 (0.35 miles), South Park Meadows Retail (1 mile), Austin International Airport (9.5 miles) and William Cannon road & Slaughter Lane (1 mile).

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.