Multifamily - Debt

NorthMarq’s Houston office arranges $9,675,000 construction loan for subdivision development in New Braunfels, Texas

HOUSTON, TEXAS (October 14, 2020) – Travis Fite, senior vice president of NorthMarq’s Houston office secured a $9.675 million construction loan for Town Creek, a 65-acre subdivision development containing  a mix of single family residences and a site for a planned multifamily property. The transaction was structured with a 3-year interest-only term loan. NorthMarq arranged financing for the borrower through its relationship with a regional bank.  The developer had previously completed Phases I and II of construction, and this loan will serve to develop infrastructure for Phase III including roads, drainage, utilities, and a bridge over Comal Creek.  

The project is located off of N. Walnut, south of Landa Street and will connect to the locally favorite Landa Park via a hike and bike trail.  Just west of the New Braunfels Main Plaza, the site benefits from its location on Comal Creek, just minutes from the Comal River.

“This loan will allow the borrower to complete road, bridge, street, and utility infrastructure needed to finalize the sale of completed lots to several regional home builders and one multifamily developer,” said Fite. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.