HOUSTON-A $24.1-million acquisition loan has helped White Oak Partners acquire the 798-unit Palms on Westheimer from Post Investment Group. NorthMarq’s San Diego office helped secure the five-year, fixed-term financing for the Westerville, OH-based buyer.
Palms on Westheimer is at 6425 Westheimer Rd. in the Galleria submarket. Marty Meagher and Gardiner Champlin at NorthMarq represented the borrower in securing the financing, which offered 18 months of interest only and a 30-year amortization schedule.
“The borrower received outstanding service from the lender through a complex and stressful closing process,” Champlin says.