John Morran, senior vice president/managing director and Gerald Logan, vice president of NorthMarq’s Austin office, arranged the $11 million refinance of The Collective. The 83,000-square-foot mixed use property is located at 7601 South Congress Avenue in Austin, Texas.
“We were able to provide an excellent non-recourse, cash out refinance to take out the developers original construction loan. The new long-term fixed rate loan was placed with one of NorthMarq’s life insurance company correspondent relationships. The lender was impressed with the sponsors ability to complete their lease-up of this project during the pandemic with a mix of tenants from different industries and with a variety of business models that are truly reflective of the projects name: The Collective,” said Morran.
The property features flex space designed for warehouse, workshop, office and retail type uses (six buildings zoned for commercial services). Tenants benefit from the property’s close proximity to the Austin downtown (6 miles), IH35 (0.35 miles), South Park Meadows Retail (1 mile), Austin International Airport (9.5 miles) and William Cannon road & Slaughter Lane (1 mile).