HOUSTON, TEXAS (May 8, 2019) – Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston-based regional office, arranged acquisition financing of The Park at Clear Lake, a 342-unit multifamily property located on Bay Area Boulevard in Houston, Texas. NorthMarq arranged the Balance sheet bridge loan for the borrower through its correspondent relationship.
Apartment/community amenities include: Nearby to award-winning school district, close proximity to Space Center Houston, near the University of Houston – Clear Lake, , picnic and barbecue areas, private and semi-private terraces, pet-friendly, clubhouse, fitness center, pool, great living space views, walk-in closets, dishwasher, disposal, kitchen facilities, oven, range, refrigerator, laundry facilities, maintenance on-site, high-speed internet access, washer/dryer hookup, air conditioning, heating, ceiling fans.
“NorthMarq was able to bring the best balance sheet capital in the marketplace for the acquisition and reposition of this asset. The buyers can fully execute their business plan and draw additional funds when needed. This was a win/win and this lender is looking to do more in Houston,” said Hitchcock.