Northmarq secures $50,000,000 refinance of a 21-property industrial portfolio in the Houston MSA
HOUSTON (Aug. 5, 2024) — Northmarq’s Houston Debt + Equity team of Travis Fite, senior vice president, and Matt Franke, senior vice president, successfully arranged the refinance of an industrial portfolio consisting of 21 properties in the Houston MSA totaling over 675,000 sq. ft.
Northmarq secured the permanent fixed rate loan for the borrower, Welcome Group, LLC, through its correspondent lender, Symetra Life Insurance Company. The portfolio is a mix of single-tenant metal and concrete tilt wall buildings.
“To align with the borrower’s needs for term and proceeds, we placed a fixed rate loan with Symetra who did an outstanding job to close this portfolio loan with minimal closing costs,” said Fite. “The lender was able to meet our requested loan amount at a reasonable LTV, seeing the value in a diverse pool of assets and a top-notch borrower.”
The loan also features an interest only period and opportunity for an additional earnout.
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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.
