Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston office, arranged acquisition financing for Westchase Royal Oaks Office. The 250,000 sq. ft. class A- office property is located in Houston, Texas. The transaction was structured with a 5-year term with 2-years of interest-only followed by a 25-year amortization schedule. NorthMarq arranged the bridge-to-permanent loan for the borrower through its relationship with a national correspondent lender.
“This high-quality Houston office asset traded at a compelling discounted price, however, due to the pandemic, most lenders are highly sensitive to office product,” said Hitchcock. “NorthMarq successfully navigated the difficult lending market and obtained a 70 percent LTV bridge-to-permanent option with future fundings for TILC’s at 3.75 percent fixed rate from a national/correspondent lender.”
