NorthMarq Capital arranges $6,481,368 construction loan for Extra Space St. Pete Storage in St. Petersburg, Florida
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.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
