Susan L. Hill, senior vice president in Houston for Minneapolis-based NorthMarq Capital Inc., arranged the loan through Morgan Stanley Dean Witter in New York City. The transaction, she tells GlobeSt.com, retires acquisition debt from the North Houston Bank and adds extra leverage with the borrower pulling out some equity from the refinancing. She's not going into detail on the loan, but did say it came with an interest rate in the low 6% category. Trimark was founded in 1992 by William E. Baldridge, now president and CEO.
Trimark acquired the complex in 2000 and immediately renovated the property, now boasting an occupancy in the high 90% range. The townhomes, positioned on 13.7 acres, have average unit sizes of 918 sf. According to the Dallas Central Appraisal District, the complex was developed in 1970.
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