Northmarq arranges $8.3M new construction financing for self-storage facility in Smithtown, NY

Safeguard Self Storage
673-unit self storage facility

SMITHTOWN, N.Y. — Northmarq’s White Plains Debt + Equity team led by Robert Ranieri successfully arranged the $8.3 million new construction financing for a 673-unit self-storage facility planned to be constructed at 1036A W. Jericho Turnpike in Smithtown, New York.

Northmarq arranged financing on behalf of the borrower through a relationship with Jovia Financial Credit Union. The transaction was structured on a two-year term. The property is being built by Lorich Construction.

"Northmarq worked diligently with this new client and a local credit union to provide a very competitive construction loan on a to be built self-storage facility in a market that shows strong demand for this type space,” Ranieri said. “It is always rewarding to arrange financing with both a new client and a new lending relationship."

The single-story facility will sit on a roughly 1.3-acre parcel. The property is part of growing demand for self-storage facilities across Long Island.

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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.
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