Warren Hitchcock, senior vice president senior director of NorthMarq Capital’s Houston regional office, arranged financing for Jacinto Palms Apartments in Houston, Texas. NorthMarq provided a high leverage non-recourse acquisition loan, through a correspondent short term balance sheet lender. The acquisition loan will allow the new owner to improve the property and renovate unit interiors.

“This acquisition required high leverage acquisition financing up to 80 percent loan-to-costs, including the improvement funds,” said Hitchcock. “The best fit for this transaction was a balance sheet bridge loan which not only was high leverage, but also funds 100 percent of all Future Improvement Funds with no interest paid until drawn upon.” This loan exceeded original expectations & was closed within 45 days.

About NorthMarq Capital

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information, please visit www.northmarq.com.