NORTHMARQ SECURES $17M LOAN FOR HOUSTON MULTIFAMILY ACQUISITIONS

PASADENA AND HUMBLE, TEXAS — NorthMarq Capital has arranged nearly $17 million in financing for the purchase of three market-rate apartment properties in the Houston area totaling 564 multifamily units. Ashwood Park Apartments is located at 3520 Burke Road in Pasadena, a southeastern inner-ring suburb. Parkside Place Apartments is positioned at 3101 Spencer Highway, also in Pasadena. Meadowbrook Apartment Homes is situated at 515 S. Bender Ave. in Humble, approximately 18 miles northeast of downtown Houston. The loan includes a five-year term, 18 months of interest-only payments and a 30-year amortization schedule. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing for the undisclosed borrower through a CMBS conduit lender.