REBusinessOnline

NorthMarq Arranges $28.5M Loan for Refinancing of Houston Retail Asset

Champions Forest Plaza in Houston was 92 percent leased at the time of the loan closing.

HOUSTON — NorthMarq has arranged a $28.5 million loan for the refinancing of Champions Forest Plaza, an 187,000-square-foot retail center in Houston. Originally built in the 1960s, the property was 92 percent leased at the time of the loan closing to tenants such as The Container Store, Gap, Ann Taylor, Starbucks and Jos. A. Bank. Matthew Franke, Ray Driver and Michael Borden of NorthMarq arranged the 15-year, fixed-rate loan with a 25-year amortization schedule through OneAmerica, an Indianapolis-based life insurance company. The borrower was Smithco, a locally based developer.

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