NorthMarq’s San Diego office completes $7 million refinance of National Self Storage Dove Mountain in Tucson, Arizona
SAN DIEGO, CALIFORNIA (October 9, 2020) – Wyatt Campbell, vice president in NorthMarq’s San Diego office, arranged the $7,000,000 refinance of National Self Storage Dove Mountain. The 637-unit self-storage facility is located at 12071 N. Thornydale Road, Marana (Tucson), Arizona. The transaction was structured with a 10-year term with 3-years of interest-only payments, followed by a 30-year amortization schedule. NorthMarq arranged the financing for the borrower through its relationship with a CMBS lender.
“The purpose of the refinance was to replace the existing construction loan and provide cash out to the borrower for growth of their portfolio,” explained Campbell. “This is arguably the most state-of-the-art self-storage facility in the country. In fact, since completion in 2018, the Property has gone on to win multiple self-storage industry awards, including the prestigious Mini Storage Messenger’s Facility of the Year. Numerous lenders took a swing at this one and the winning group was able to close in 50 days, allowing the Borrower to take advantage of today’s historically low interest rates."
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