Warren Hitchcock Of NorthMarq Arranges $32M Loan For Gessner Apartments, Houston
FINANCED
$32,000,000
Texas
See Similar DealsMultiFamily
FINANCED
Warren Hitchcock Of NorthMarq Arranges $32M Loan For Gessner Apartments, Houston
6425 S Gessner Rd, Houston, TX, 77036
See Similar DealsMultiFamily
Summary
TEXAS
Asset Type:MultiFamily
Transaction Type:Loan
The Gessner Apartments, a 500-unit MultiFamily community located at 6425 S Gessner Rd, Houston, TX, 77036, received a $32 million loan for refinancing. The loan was arranged by Warren Hitchcock of NorthMarq and was structured with a seven-year term. It includes two years of interest-only payments followed by a 25-year amortization schedule. The specific borrower and direct lender involved in the transaction were not disclosed.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $32,000,000.00
- Borrower's Rep: Warren Hitchcock (NorthMarq)
- Lender: Unknown life insurance company
- Address: 6425 S Gessner Rd, Houston, TX, 77036
- Market: Houston
The financing deal for the Gessner Apartments in Houston was facilitated by Warren Hitchcock from NorthMarq. The specific details regarding the borrower and direct lender remain undisclosed, highlighting the confidentiality maintained within the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$32,000,000.00
Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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