Northmarq secures $12,600,000 construction financing of a self-storage facility in Palm Bay, Florida
CHARLOTTE, N.C. (July 24, 2023) — Mark Ebersold, vice president of Northmarq’s Charlotte/Raleigh debt and equity team arranged the $12.6 million financing for the construction of a 712-unit storage facility that will be managed by Life Storage. The property is being developed by Southwestern Property Corp., a multi-faceted firm that specializes in multifamily and self-storage. The asset will be located at 1565 Foundation Park Boulevard in Palm Bay, Florida. Northmarq secured the construction loan for the borrower through a New York-based capital source that provides non-recourse construction and bridge debt.
The multi-story storage facility will include primarily climate-controlled units and will offer drive up and drive through access, as well as exterior parking for large vehicles. Palm Bay lies between Jacksonville and Miami and is easily accessible to both the Orlando International Airport and Port Canaveral via I-95.
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.
