NorthMarq finalizes acquisition financing for Westchase Royal Oaks office property in Houston, Texas
HOUSTON, TEXAS (June 22, 2021) – Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston office, arranged acquisition financing for Westchase Royal Oaks Office. The 250,000 sq. ft. class A- office property is located in Houston, Texas. The transaction was structured with a 5-year term with 2-years of interest-only followed by a 25-year amortization schedule. NorthMarq arranged the bridge-to-permanent loan for the borrower through its relationship with a national correspondent lender.
“This high-quality Houston office asset traded at a compelling discounted price, however, due to the pandemic, most lenders are highly sensitive to office product,” said Hitchcock. “NorthMarq successfully navigated the difficult lending market and obtained a 70 percent LTV bridge-to-permanent option with future fundings for TILC’s at 3.75 percent fixed rate from a national/correspondent lender.”
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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.
