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