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.