NorthMarq arranges $5.8 million refinance of self-storage property in Covina, California
SAN DIEGO, CALIFORNIA (March 22, 2019) – Aaron Beck, vice president of NorthMarq’s San Diego regional office, arranged a $5.8 million refinance of a self-storage property located in Covina, California. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The property is located in a dense infill market with strong demand for self-storage space. This was demonstrated through strong historical occupancy, which has been greater than 95 percent for many quarters, and consistent rent growth in recent years.
“This refinance allowed the borrower to pay off an existing recourse bank loan with a long-term non-recourse loan. The mid-four percent fixed interest rate was locked at the front end of the closing process,” said Beck. “The proceeds also provided the borrower a return of their equity.”
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