SAN DIEGO, CALIFORNIA (October 5, 2022) – Wyatt Campbell, vice president, and Aaron Beck, managing director of Northmarq’s San Diego office, arranged the $10.5 million refinance of A-Storage-Place Palm Ave, a newly developed self-storage facility located in Riverside, California. Northmarq arranged the financing for the borrower through its correspondent relationship with a life insurance company.
“This 15-year loan was rate locked just as the property was reaching stabilization,” said Campbell. “The lender offered the ability to rate lock at application, which the Borrower took full advantage of to mitigate interest rate volatility. The lender was able to offer the Borrower a few years of interest-only payments followed by a 30-year amortization.”