Multifamily - Debt

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.