SAN DIEGO, CALIFORNIA (August 29, 2022) – Wyatt Campbell, vice president, and Conor Freeman, vice president of Northmarq’s San Diego office, arranged the $17.75 million refinance of a newly developed self-storage facility in San Diego, California. The three-story property contains more than 1,200 units. Northmarq arranged the financing for the borrower through its correspondent relationship with a life insurance company.
“This loan was rate locked while the property was in lease-up and funded when the property was near stabilization,” said Campbell. “This pre-stabilized execution gave the borrower the ability to be ahead of the market and mitigate interest-rate volatility.”