Self Storage

NorthMarq's San Diego office completes $1.9 million refinance of self-storage property in El Paso, Texas

SAN DIEGO (July 19, 2017) – Wyatt Campbell, vice president of NorthMarq Capital’s San Diego regional office, arranged the $1.9 million refinance of a 514-unit self-storage facility located in El Paso, Texas. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. The property is owned by a seasoned self-storage operator and has performed very well historically with consistent occupancy and income, which is a testament to the expertise of the owner/borrower.

“The purpose of the refinance was to replace an existing life company loan and provide cash out to the borrower,” explained Campbell. “The lender was able to close in approximately 60 days and accommodate a low debt yield in a secondary market in order to meet the borrower’s cash out request.” The transaction was structured with a 30-year amortization and a 4.75 percent interest rate.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.