NorthMarq's Tampa office arranged $6 million mortgage for Patriot Self Storage Facilities in North Port, Florida
Patriot Self Storage Facilities
TAMPA (February 27, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged first mortgage refinancing of $6 million for the Patriot Self Storage Facilities located in North Port, Florida. The asset consists of two self-storage facilities containing a total of 166,685 sq. ft. in 1,749 units. The financing secured was interest only for 36 months with two 12 month extensions. NorthMarq arranged this financing for the borrower, Patriot Self Storage #1 – Tamiami Trail, North Port, LLC and Patriot Self Storage #2 – Toledo Blade, North Port, LLC, through its relationship with a local private lender. “The subject properties are two state of the art self-storage facilities that have not yet stabilized due primarily to coming online at the beginning of the recession,” Hernandez said. “The borrower/sponsor skillfully negotiated a discounted payoff with their current lender, and were willing to provide substantial additional equity, which allowed NorthMarq to structure a bridge loan with a private lender.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
