Refinance Replaces Existing Construction Loans for Three Self-Storage Assets

Take-out financing was recently arranged for three new self-storage facilities in Southern California. The new fixed rate loans total $30.5 million in consideration.

Wyatt Campbell, vice president of Northmarq’s San Diego office, arranged the financing for the borrower, U STOR IT, through its correspondent relationship with a life insurance company.

“The purpose of the refinance was to replace the existing construction loans while taking advantage of today’s still historic interest rates,” says Campbell. “This loan request resulted in a very competitive process. One of our correspondent life insurance companies won the business by offering a very competitive rate and the ability to rate-lock at application.”