Northmarq arranges $6 million refinance for New Highlands Self Storage in Bartow, Florida
TAMPA, FLORIDA (March 11, 2022) – Robert Hernandez, senior vice president/managing director of Northmarq’s Tampa debt/equity team secured financing for New Highlands Self Storage in Bartow, Florida located in Polk County midway between Tampa and Orlando.
The 10-year, $6 million loan is full-term interest only. The non-recourse loan was secured for the borrower through Northmarq’s relationship with an international lending partner.
New Highlands Self Storage was built in 2006 and sits on 5.31 acres. The property consists of 13-single story self-storage buildings that house 640 climate-controlled and non-climate units. The property also has an additional building that houses four office suites and the manager’s office with an apartment on the second floor. At the time of closing, the storage units were 96.53 percent occupied and the office suites were 100 percent occupied.
“The sponsor’s and lender’s teams worked diligently with Northmarq to close the loan in a very turbulent financial market,” said Hernandez.
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.
