HOUSTON (October 13, 2014) – Warren Hitchcock, vice president of NorthMarq Capital’s Houston based regional office has secured acquisition financing for three separate retail properties totaling a combined $8 million. Pinewood Plaza: Acquisition financing for this 14,274 sq.ft. retail property, located in Magnolia, Texas was structured with a 10-year term and 25-year amortization schedule. 100% of the property is occupied by typical neighborhood retail tenants. “Our correspondent life company, Genworth Financial, stepped up yet again on a quick close for a property near The Woodlands,” said Hitchcock. “The rate was in the low 4%’s for this unanchored strip retail.” Saddlebrook Plaza: Acquisition financing for this 26,400 sq.ft. retail property, located in The Woodlands, Texas was structured with a 10-year term and 25-year amortization schedule. Goodwill and Papa Murphy’s represent major tenants of the property. “This was another quick close, life company acquisition loan through our correspondent relationship with Genworth Financial,” noted Hitchcock. “This unique property had tenant concentration issues which the lender overcame and issued a long term 10/25 loan at a 4.0% interest rate.” Sundale Retail Center: Acquisition financing for this 5,000 sq.ft. retail property, located in The Woodlands, Texas was structured with a 5-year term and 25-year amortization schedule. “This was another life company acquisition loan through our correspondent relationship with Symetra,” said Hitchcock. “This smaller property with two tenants had an excellent location and great visibility in the heart of The Woodlands which ultimately made the life company comfortable and issued a 5/25 loan with an interest rate in the low 4%’s.”
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.
