Northmarq secures $9.6 million refinance for Killeen, Texas self-storage facility

BOISE, Idaho (August 8, 2023) — Steve Hollister, senior vice president, secured a $9.6 million fixed-rate loan for an 83% leased, 725-unit self-storage facility located in Killeen, Texas. The refinance transaction was structured with a five-year fixed-rate, non-recourse loan with a 30-year amortization and one year of interest-only payments. Northmarq arranged financing through its correspondent relationship with a life insurance company. 

“Northmarq’s correspondent life insurance company won this business by offering a competitive interest rate and an immediate rate lock in a volatile interest rate environment,” said Hollister. “The loan was structured with flexible prepay and an $800k holdback for a future funding to maximize proceeds. “

The lender provided the best loan terms among the thirty plus lenders that were presented the opportunity. “In addition, we were confident that the lender would provide surety of execution due to Northmarq’s longstanding relationship with them,” Hollister added. “They closed on time, as planned, and without issue.”