Dealmaker: NorthMarq Completes $59M in Texas Office Refis

NorthMarq, Minneapolis, secured $59.2 million to refinance two Texas office properties.

Brass Professional Center

Bryan Leonard, Senior Vice President and Managing Director of NorthMarq’s San Antonio office, negotiated $57.7 million to refinance Brass Professional Center in San Antonio. The 576,000-square-foot office park hosts 11 buildings along Loop 410 near Callaghan Road.

The 10-year loan came with one year of interest-only payments followed by a 30-year amortization schedule.

NorthMarq arranged the permanent fixed-rate loan for a local San Antonio client through its relationship with commercial mortgage-backed securities lender Goldman Sachs, New York.

“Relationships do matter and evidence of that is that we were able to leverage those to get this large loan closed during the COVID pandemic,” Leonard said. “The borrower has a long tenure of ownership and stewardship of this asset. Its profile being low density office in a suburban location is very attractive in this pandemic era. It has more than 100 tenants ranging in profile from larger credit type to smaller local and regional companies.”

In Austin, Senior Vice President and Managing Director John Morran arranged $1.55 million to refinance 905 Oltof, a 4,100-square-foot office property. He structured the 10-year loan with a 25-year amortization schedule.

Life company lender StanCorp Financial Group, Portland, Ore., supplied the permanent-fixed loan.