NORTHMARQ SECURES $24.1M LOAN FOR HOUSTON MULTIFAMILY PURCHASE

by admin

HOUSTON — NorthMarq Capital has arranged $24.1 million in acquisition financing for The Palms on Westheimer, a 798-unit multifamily complex in the Galleria submarket of Houston. Terms of the loan include a five-year, fixed interest rate term with 18 months of interest-only payments and a 30-year amortization schedule. The property, located at 6425 Westheimer Road, offers efficiency, one- and two-bedroom floor plans, as well as amenities including a fitness center, movie cinema, outdoor spa and four resort-style pools. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing through a CMBS lender on behalf of borrower WOP Palms LLC.

You may also like