NorthMarq completes acquisition financing for Westheimer Garages in Houston, Texas

Westheimer Garages
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HOUSTON, TEXAS (August 17, 2021) – Larry Peters, senior vice president of NorthMarq’s Houston office, arranged acquisition financing for Westheimer Garages. The 8,000 sq. ft. retail property (housing two auto repair shops) is located at 12639 & 12641 Westheimer Road in Houston, Texas. The transaction was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged the full-leverage, permanent-fixed loan at a 3.625 percent interest rate for the borrower through its correspondent relationship with StanCorp, a life insurance company. 

“This was the second acquisition loan with this borrower,” said Peters. “We appreciate the lender’s willingness to engage with existing clients, and we know the borrower appreciates it as well. It just makes for a more efficient and smoother transaction for everyone.”

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About Northmarq 
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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