Northmarq Arranges Refinance of Mission-Driven Houston Property
Northmarq’s Houston debt team, led by Travis Site, negotiated the $13.4 million refinance of Aria at Bellfort. The 142-unit multifamily property was built in 2021. The transaction was structured with a 10-year term with 7-years of interest only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed loan through its in-house Fannie Mae DUS team.
“Realizing the uniqueness of a new mission-driven asset in an underserved community, we aggressively quoted spread and partial interest only to maximize loan proceeds and operating cash flow,” said Northmarq’s Fite.
Located in the Greater Hobby area of Houston, the property is 14 miles from downtown and is within walking distance of three shopping centers.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!