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.