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.”