Chase Johnson completes acquisition financing of $2.5 million for self-storage property in Lake Charles, Louisiana

Common Street Self Storage

Debt & Equity

Multi-Tenant

AUSTIN, TEXAS (October 25, 2019) – Chase Johnson, vice president of NorthMarq’s Austin office, arranged acquisition financing of $2.5 million for Common Street Self Storage, a 585-unit property located at 2215 Common Street in Lake Charles, Louisiana. The property was purchased by a partnership organized and managed by SynerMark Properties, Inc. of Austin, Texas.

Financing Details:
- The permanent fixed-rate loan was structured with a 5-year term with a 25-year amortization schedule.
- NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company.

Property Details:
- The single-story, six-building property contains 62,190 sq. ft. and 585 units.
- The new ownership will undertake extensive renovations and property upgrades.

Producer Quote:
“NorthMarq won the deal by working closely with our correspondent life insurance company lender and offering an aggressively priced 5-year term with a quick close to meet the borrowers acquisition timeline.”

- Chase Johnson

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About Northmarq

Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.