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