NorthMarq’s Newport Beach office arranges $1.56 million acquisition financing for self-storage in Oceanside, California
NEWPORT BEACH, CALIFORNIA (June 17, 2020) – David Blum, senior vice president/managing director of NorthMarq’s Newport Beach office arranged acquisition financing of $1.56 million for Oceanside Self Storage. The property, containing 13,981 sq. ft. and 155 units, is located at 2936 San Luis Rey Road in Oceanside, California. The transaction was structured with a 10-year (5+5+) term followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a national bank.
The property consists of four two-story buildings built in 1976. The self-storage facility has 14 different unit sizes ranging from 5’x5’ to 16’x15’. The apartment is one bedroom and one bathroom. There are 480 square feet of office area in the self-storage facility.
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