San Diego Self-Storage Facility Secures $18M Refinance

Northmarq has arranged the $18 million refinance of a newly developed self-storage facility in San Diego, CA. The three-story property, located at the corner of Sampson Street and National Avenue, contains more than 1,200 units.

Wyatt Campbell and Conor Freeman, vice presidents of Northmarq’s San Diego office arranged the financing for the borrower through its correspondent relationship with a life insurance company. “The loan was rate locked while the property was in lease-up and funded when the property was near stabilization,” remarked Campbell. “This execution gave the borrower the ability to be ahead of the market and mitigate interest rate volatility.”

The property is situated just south of Highway 75 and the Coronado Bridge, with easy access to Interstate 5. Amenities include an elevator, video camera security, perimeter fencing and lighting and vehicle storage.