By Adelina Osan, Associate Editor
Houston—NorthMarq Capital’s Houston office recently closed the refinance of a construction loan for a retail property located in a high growth area surrounding The Woodlands. Warren Hitchcock, vice president of NorthMarq Capital’s Houston, arranged the loan for Preserve Plaza.
Located on Kuykendahl Road near The Woodlands, Preserve Plaza totals 11,000 square feet. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“This was a repeat loan for this borrower and NorthMarq’s correspondent life company lender. This 15 year term permanent loan allowed the owners to refinance the construction loan long-term with a fixed rate in the low 4.0 percent range,” said Hitchcock in a prepared statement. “The two tenant nature of the property provided some challenges with its lack of multi-tenant diversity; however NorthMarq guided the lender through the physical attributes, including the desirable location next to The Woodlands master planned community and the new Grand Parkway despite the low barrier to entry within the immediate market.”
Image courtesy of NorthMarq Capital