NorthMarq's San Diego office completes $1.69 million refinance of self-storage property in Salt Lake City, Utah
Self-Storage Facility
SAN DIEGO (May 8, 2017) – Wyatt Campbell, vice president of NorthMarq Capital’s San Diego regional office, arranged the $1.69 million refinance of a 306-unit self-storage facility located in Salt Lake City, UT. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Though located in a secondary market, the property is owned by a seasoned self-storage operator. The property has 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 Campbell. “The lender was able to close in approximately 60 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 represented a loan to value in the mid 60 percent range.”
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