SAN DIEGO, CA – Marty Meagher and Gardiner Champlin, managing directors of NorthMarq’s San Diego regional office, secured acquisition financing of $24.1 million for The Palms on Westheimer, a 798-unit multi-family apartment complex located at 6425 Westheimer Road, Houston, TX. Financing was based on a 5-year fixed loan term with the first 18 months interest only and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, WOP Palms, LLC, through its relationship with a CMBS lender.
“The borrower received outstanding service from the lender through a complex and stressful closing process,” said Champlin.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.