{"id":1004141418,"date":"2016-04-08T10:38:20","date_gmt":"2016-04-08T18:38:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004141418"},"modified":"2020-04-14T23:08:36","modified_gmt":"2020-04-15T07:08:36","slug":"northmarq-capital-arranges-financing-for-tower-park-north-in-houston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northmarq-capital-arranges-financing-for-tower-park-north-in-houston\/","title":{"rendered":"NorthMarq Capital Arranges Financing for Tower Park North in Houston"},"content":{"rendered":"<p><em>By Adelina Osan, Associate Editor<\/em><\/p>\n<p><strong>Houston<\/strong>\u2014<a href=\"https:\/\/www.commercialsearch.com\/news\/northmarq-completes-refi-of-cupertino-office-asset\/\" target=\"_blank\">NorthMarq Capital<\/a>\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/houston\/\" target=\"_blank\">Houston office<\/a> recently arranged the acquisition financing for an 181,000-square-foot office building in located at 10700 North Freeway in Houston. Warren Hitchcock, vice president of NorthMarq Capital\u2019s Houston, arranged the <a href=\"https:\/\/www.commercialsearch.com\/news\/finance\/\" target=\"_blank\">acquisition financing<\/a> for Tower Park North.<\/p>\n<div id=\"attachment_1004141420\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Towerpark-North.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004141420\" data-attachment-id=\"1004141420\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/northmarq-capital-arranges-financing-for-tower-park-north-in-houston\/towerpark-north\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Towerpark-North.jpg\" data-orig-size=\"853,602\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Towerpark North\" data-image-description=\"&lt;p&gt;Towerpark North&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Towerpark North&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Towerpark-North.jpg?w=853\" class=\"wp-image-1004141420 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Towerpark-North.jpg\" alt=\"Towerpark North\" width=\"300\" height=\"212\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Towerpark-North.jpg 853w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Towerpark-North.jpg?resize=300,212 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Towerpark-North.jpg?resize=768,542 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004141420\" class=\"wp-caption-text\">Towerpark North<\/p><\/div>\n<p>The short-term bridge transaction was aggressively structured with a four-year term with\u00a0extension options on an interest-only basis.\u00a0 The non-recourse nature of the loan combined with an attractive fixed-rate, creative structure, and earn-out potential met all the borrower\u2019s demands on this acquisition financing.<\/p>\n<p>\u201c<a href=\"https:\/\/www.multihousingnews.com\/post\/northmarq-secures-tidy-refi-for-upscale-duo-2\/\" target=\"_blank\" rel=\"nofollow\">NorthMarq<\/a> successfully financed this Greenspoint Office Building during the worst of the oil price collapse with one of our correspondent fixed-rate bridge lenders,\u201d said Hitchcock in prepared remarks. \u201cDespite this property being located in one of the more challenged submarkets, oil dropping below $30 per barrel, and the occupancy at closing moving under 20 percent, NorthMarq and its lending relationship were able to close as promised with a fixed-rate non-recourse bridge loan. This loan will allow the new owner to improve the property, renovate the building, add parking, as well as earn-out TILC funds, capital expenditure funds, interest reserves, and cash flow shortfall reserves without any interest paid until the funds are drawn down upon and used.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NorthMarq arranged financing for an 181,000-square-foot office building in Houston.<\/p>\n","protected":false},"author":735,"featured_media":1004141420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,1589,21742,21747],"tags":[],"class_list":["post-1004141418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-houston","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She joined the team in 2015 as associate editor and covered commercial, residential and student housing news assignments. 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