NorthMarq Secures $16.4M Construction Loan for Apartment Property in Metro Houston

Bahia Cove will be a 248-unit apartment community in Dickinson, Texas. A timetable for construction has not yet been established.

DICKINSON, TEXAS — NorthMarq Capital has secured a $16.4 million construction/perm loan for Bahia Cove, a 248-unit multifamily community in Dickinson, about 30 miles southeast of Houston. Robert Hernandez of NorthMarq placed the loan, which features a 10-year term, 30-year amortization schedule and three years of interest-only payments, through an undisclosed life insurance company. The name of the borrower was also withheld.

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