Chase Johnson completes acquisition financing of $2.5 million for self-storage property in Lake Charles, Louisiana
AUSTIN, TEXAS (October 25, 2019) – Chase Johnson, vice president of NorthMarq’s Austin office, arranged acquisition financing of $2.5 million for Common Street Self Storage, a 585-unit property located at 2215 Common Street in Lake Charles, Louisiana. The property was purchased by a partnership organized and managed by SynerMark Properties, Inc. of Austin, Texas.
Financing Details:
- The permanent fixed-rate loan was structured with a 5-year term with a 25-year amortization schedule.
- NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company.
Property Details:
- The single-story, six-building property contains 62,190 sq. ft. and 585 units.
- The new ownership will undertake extensive renovations and property upgrades.
Producer Quote:
“NorthMarq won the deal by working closely with our correspondent life insurance company lender and offering an aggressively priced 5-year term with a quick close to meet the borrowers acquisition timeline.”
- Chase Johnson
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
