NorthMarq’s Warren Hitchcock secures acquisition financing via bridge loan for The Park at Clear Lake in Houston, Texas
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.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
