Self Storage - Debt

NorthMarq's Tampa office arranged $6 million mortgage for Patriot Self Storage Facilities in North Port, Florida

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.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.