Self Storage - Debt

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

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

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.