NorthMarq's San Diego office completes $1.9 million refinance of self-storage property in El Paso, Texas
Self-Storage Property
SAN DIEGO (July 19, 2017) – Wyatt Campbell, vice president of NorthMarq Capital’s San Diego regional office, arranged the $1.9 million refinance of a 514-unit self-storage facility located in El Paso, Texas. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. The property is owned by a seasoned self-storage operator and has performed very well historically with consistent occupancy and income, which is a testament to the expertise of the owner/borrower. “The purpose of the refinance was to replace an existing life company loan and provide cash out to the borrower,” explained Campbell. “The lender was able to close in approximately 60 days and accommodate a low debt yield in a secondary market in order to meet the borrower’s cash out request.” The transaction was structured with a 30-year amortization and a 4.75 percent interest rate.
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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.
