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Industrial Center Secures $7.2-Mil Permanent Loan

AUSTIN-Provident Mutual Life Insurance stamps a $7.2-million permanent financing package for the 159,000-sf Springdale Business Center in Austin. Los Angeles-based Kennedy-Wilson Property Services developed the center in 2000.

By Tim Green | Updated on September 26, 2001

AUSTIN-An industrial center in the northeast Austin submarket has secured $7.2 million in permanent financing through Provident Mutual Life Insurance Co., based in Berwyn, PA.

The two-building, 159,000-sf Springdale Business Center, positioned on 12 acres at 8301 Springdale Rd., is 100% leased. The Austin office of Los Angeles-based Kennedy-Wilson Property Services developed the center in 2000.

The Dallas office of Northmarq Capital Inc., based in Minneapolis, arranged the financing. Northmarq’s Robert West structured the package.

Northmarq is a national real estate investment banker that provides financing for commercial real estate properties, including office, retail, industrial and multifamily. The company arranges traditional fixed rate loans, variable rate bridge loans, joint ventures and equity sales. In 2000, Northmarq produced more than $3.5 billion of commercial real estate financing and equity transactions. Besides Dallas, it has Texas offices in Austin and Houston.

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