NorthMarq Capital arranges $6,481,368 construction loan for Extra Space St. Pete Storage in St. Petersburg, Florida
Extra Space St. Pete Storage
TAMPA (October 17, 2017) – Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, secured a $6,481,368 construction loan for a multi-story self-storage facility located at 289 34th Street North in St. Petersburg, Florida containing 750-units. The transaction was structured with a 3-year interest-only term with a 2-year extension followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. “The property is a to-be-built state of the art self-storage facility located on an infill urban site,” noted Hernandez. “Due to the location and quality of the facility the lease-up and ongoing occupancy should be exceptional.”
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.
