The Vista Gets a $21M Refi Provided by Houston-Based Borrower

The Vista is a 300-unit garden-style multifamily property that was constructed in 1980 and renovated in 2019. The North Houston asset recently received a $21 million refinance.

The transaction was structured with a 10-year term initial interest-only period followed by a 30-year amortization schedule. Warren Hitchcock, senior vice president/senior director of NorthMarq’s Houston office, completed the refi. NorthMarq arranged the cash-out permanent-fixed loan at a 3.75 percent interest rate for a Houston-based borrower through its correspondent lending relationship with a national balance sheet lender.

“This lender was uniquely able to provide a full cash-out above and beyond the owner’s cost basis at a very high leverage for the sponsor, thanks to NorthMarq’s correspondent relationship with the lender,” said Hitchcock. “NorthMarq services and originates exclusively for this lender across the country.”