NorthMarq Capital finalizes $5 million refinance of two self-storage properties in El Paso, Texas

SAN DIEGO (November 14, 2016) – Aaron Beck, vice president, and Wyatt Campbell, investment analyst of NorthMarq Capital’s San Diego regional office, arranged the $5 million refinance of two self-storage properties located in El Paso, Texas. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Though located in a secondary market, the properties are owned by a seasoned self-storage operator. Both properties have 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 for growth of their portfolio,” explained Beck. “The lender was able to close in approximately 30 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 mid-four percent interest rate.”