NorthMarq negotiates $21 million refinance of workforce housing in Houston, Texas
HOUSTON,TEXAS (October 12, 2021) – Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston office, completed the $21 million refinance of the Vista apartments. The 300+-unit garden-style multifamily property (constructed in 1980 and renovated in 2019) is located in North Houston, Texas. The transaction was structured with a 10-year term, initial Interest Only period followed by a 30-year amortization schedule. NorthMarq arranged the cash out permanent-fixed loan at a 3.75 percent interest rate for a Houston-based borrower through its correspondent lending relationship with a national balance sheet lender.
“This lender was uniquely able to provide a full cash-out above and beyond the owner’s cost basis at a very high leverage for the sponsor thanks to NorthMarq’s correspondent relationship with the lender,” said Hitchcock. Northmarq Services and Originates exclusively for this lender across the country. NorthMarq is the largest Real Estate Debt & Equity investment banking office in Houston and provides its clients with extraordinary service and access to capital.
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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.
