AUSTIN, TEXAS (February 13, 2020) – Jesse Lemos, vice president of NorthMarq’s Austin office secured acquisition financing of $7.45 million for The Depot Retail. The property, located at 401 East Whitestone Boulevard in Cedar Park, Texas, contains 49,251 sq. ft. Major tenants on the property include: Wild West and Flex Fit.
“The property was situated on a 99-year ground lease with 83 years remaining. NorthMarq was able to secure highest proceeds, non-recourse and the best rate for our client,” said Lemos.
– 7-year term
– 25-year amortization schedule
– NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a credit union.