NorthMarq completes acquisition financing for Westheimer Garages in Houston, Texas
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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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.
