Self Storage - Debt

Northmarq’s San Diego office arranges $10.5 million refinance for self-storage facility in Riverside, California

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.”

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.