NorthMarq Capital’s Houston office finalizes acquisition of Parkside Place in Pasadena, Texas
HOUSTON (August 14, 2017) Warren Hitchcock, senior vice president/senior director of NorthMarq Capital’s Houston regional office, negotiated acquisition financing of Parkside Place, a 321-unit multifamily property located in Pasadena, Texas. NorthMarq arranged financing for the borrower through its relationship with a balance sheet bridge lender. “We’re pleased to help finance the acquisition of this very well-located property using a value-add bridge loan with additional funding for capital improvements,” said Hitchcock. “Based on the strong location, sponsorship, cash flow, and underwriting metrics of this property we were able to attract very aggressive financing options up to 85 percent of costs, despite the recent oil downturn & headline risk within Houston. Ultimately we chose a balance sheet lender which performed flawlessly, a win-win for the lender and borrower.”
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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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
