Northmarq’s Houston office arranges acquisition financing for single-tenant industrial property
HOUSTON, TEXAS (May 5, 2023) — Northmarq’s Houston debt/equity team of Blane Eikenhorst, vice president, and Tony Gray, managing director, recently closed on the external financing of 8950 Railwood Drive in Houston, Texas. The Class B industrial property is 90,029 sq. ft. and situated on approximately four acres.
Northmarq arranged financing for the borrower through its relationship with Ameritas Investment Partners. “Ameritas offered full proceeds at 75 percent LTV without recourse for this owner-occupied deal with a foreign national sponsor,” said Eikenhorst. The permanent-fixed rate loan was structured on a 10-year term.
Built in 1989, the industrial warehouse consists of roughly 18,500 sq. ft. of office space and 72,350 sq. ft. of industrial space. With direct railroad access,11 exterior docks, and clear heights of 21 feet, the property is ideal for the tenant’s operational needs. Located in Northeast Houston, the single-tenant warehouse is just one of many industrial properties in the Northeast Highway 90 submarket, representing Houston’s leading industrial market. To learn more about the single-tenant industrial market, view Northmarq’s Q1 2023 Market Snapshot.
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