Northmarq’s San Diego office arranges $7,500,000 refinance for self-storage facility in Moreno Valley, California

SAN DIEGO, CALIFORNIA (May 6, 2022) – Conor Freeman, vice president and Wyatt Campbell, vice president in Northmarq’s San Diego office, arranged the $7,500,000 refinance of Moreno Valley Self Storage, a newly constructed self-storage facility in the Inland Empire. The 10-year fixed-rate loan was structured with full-term interest only payments. Northmarq arranged the financing for the borrower through its relationship with a CMBS Lender. 

“The permanent loan replaced our client’s existing construction debt and provided cash out with interest only payments for the life of the loan,” said Freeman. “The brand new, state-of-the-art facility leased up rapidly after construction, creating significant competition among our capital sources. The cash out will allow the borrower to move on to their next self-storage development and continue to grow their portfolio.”