NorthMarq Capital arranges acquisition bridge financing for 181,000 sq. ft. office building in Houston, Texas

HOUSTON (April 5, 2016) – Warren Hitchcock, vice president of NorthMarq Capital’s Houston based regional office arranged acquisition financing for Tower Park North, a 181,000 sq. ft. office building located at 10700 North Freeway in Houston, Texas on behalf of an institutional client. The short-term bridge transaction was aggressively structured with a 4-year term plus extension options on an interest only basis. The non-recourse nature of the loan combined with an attractive fixed rate, creative structure, and earn-out potential met all the borrower’s demands on this acquisition financing. “NorthMarq successfully financed this Greenspoint Office Building during the worst of the oil price collapse with one of our correspondent fixed-rate bridge lenders,” explained Hitchcock. “Despite this property being located in one of the more challenged submarkets, oil dropping below $30 per barrel, and the occupancy at closing moving under 20 percent, NorthMarq and its lending relationship were able to close as promised with a fixed-rate non-recourse bridge loan. This loan will allow the new owner to improve the property, renovate the building, add parking, as well as earn-out TILC funds, capital expenditure funds, interest reserves, and cash flow short fall reserves without any interest paid until the funds are drawn down upon and used.”