Northmarq’s San Diego office has arranged the $10.5 million refinance of A Storage Place, a newly developed self-storage facility on Palm Avenue in Riverside, CA. The firm’s Wyatt Campbell and Aaron Beck facilitated the financing for the borrower through its correspondent relationship with a life insurance company.
Located at the intersection of Palm Avenue and Dewey Avenue, the facility is surrounded by multiple residential communities, approximately two miles west of the Highway 91 freeway. The property features drive-up and air-conditioned units, plus RV and boat storage along with 24-Hour surveillance and gated security.
“The 15-year loan was rate locked just as the property was reaching stabilization,” said Campbell in a news release. “The Borrower took full advantage of the rate lock to mitigate interest rate volatility. The lender also offered the Borrower a few years of interest-only payments, followed by a 30-year amortization.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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