NorthMarq Negotiates $21 Million Refinance of Workforce Housing in Houston

Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston office, completed the $21 million refinance of the Vista apartments. The 300+-unit garden-style multifamily property (constructed in 1980 and renovated in 2019) is located in North Houston, Texas. The transaction was structured with a 10-year term, initial Interest Only period followed by a 30-year amortization schedule. NorthMarq arranged the cash-out permanent-fixed loan at a 3.75 percent interest rate for a Houston-based borrower through its correspondent lending relationship with a national balance sheet lender.

“This lender was uniquely able to provide a full cash-out above and beyond the owner’s cost basis at a very high leverage for the sponsor thanks to NorthMarq’s correspondent relationship with the lender,” said Hitchcock. “NorthMarq services and originates exclusively for this lender across the country. Our team makes up the largest Real Estate Debt & Equity investment banking office in Houston and provides clients with unparalleled service and access to capital.”