Northmarq’s San Diego office completes $30.5 million refinance of three-property self-storage portfolio in Southern California
SAN DIEGO, CALIFORNIA (January 5, 2022) – Wyatt Campbell, vice president of Northmarq’s San Diego office, arranged the take-out financing for three brand-new and state-of-the-art self-storage facilities in Southern California. The new fixed rate loans total $30.5 million in consideration. Northmarq arranged the financing for the borrower (U STOR IT) through its correspondent relationship with a life insurance company.
“The purpose of the refinance was to replace the existing construction loans while taking advantage of today’s still historic interest rates,” explained Campbell. “This loan request resulted in a very competitive process. One of our correspondent life insurance companies won the business by offering a very competitive rate and the ability to rate-lock at application.”
“We engaged Wyatt at Northmarq for his expertise in the debt markets, he was able to deliver results that exceeded our expectations,” stated Peter Nora, President of U STOR IT.
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