AUSTIN, TEXAS (October 24, 2019) – Chase Johnson, vice president of NorthMarq’s Austin office, secured acquisition financing of $4.5 million for Walnut Creek Office. The property is located in Austin, Texas.
– The permanent-fixed loan was structured with a 15-year term.
– NorthMarq arranged financing for the borrower through its relationship with a national bank.
– The property is 100% occupied by a single tenant.
– The class A- asset contains 21,000 sq. ft. built in 2014
“The deal features six months interest-only followed by 176 months of principal and interest payments due monthly. We structured a step down prepayment penalty starting on year one.”
– Chase Johnson