Northmarq secures $12,600,000 construction financing of a self-storage facility in Palm Bay, Florida
CHARLOTTE, N.C. (July 24, 2023) — Mark Ebersold, vice president of Northmarq’s Charlotte/Raleigh debt and equity team arranged the $12.6 million financing for the construction of a 712-unit storage facility that will be managed by Life Storage. The property is being developed by Southwestern Property Corp., a multi-faceted firm that specializes in multifamily and self-storage. The asset will be located at 1565 Foundation Park Boulevard in Palm Bay, Florida. Northmarq secured the construction loan for the borrower through a New York-based capital source that provides non-recourse construction and bridge debt.
The multi-story storage facility will include primarily climate-controlled units and will offer drive up and drive through access, as well as exterior parking for large vehicles. Palm Bay lies between Jacksonville and Miami and is easily accessible to both the Orlando International Airport and Port Canaveral via I-95.
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