Northmarq’s Robert Hernandez arranges $8 million refinance for Extra Space Storage in Pinellas Park, Florida

Extra Space Storage

Debt & Equity

Multi-Tenant

TAMPA, FLORIDA (January 28, 2022) – Robert Hernandez, senior vice president/managing director of Northmarq’s Tampa regional office negotiated the $8 million refinance for the 904-unit Extra Space Storage center in Pinellas Park, Florida.

The fixed rate permanent loan was structured on a 10-year term with a 30-year amortization schedule, at an interest rate of 2.8 percent. Northmarq secured the financing for the borrower through its relationship with a correspondent life company.

The property sits on 6.10 acres and was built in two phases in 1986 and 2000. The property consists of 15-single story buildings that house climate-controlled and non-climate units. The property also has outdoor RV and boat slips available for rent. At the time of closing, the subject was 99 percent occupied.

“The purchaser had to close quickly and could not extend the purchase agreement,” said Hernandez. “The Northmarq and life company teams worked efficiently to lock the interest rate early in the process and meet the closing date.”

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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.