TAMPA (February 27, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa Regional office, arranged first mortgage refinancing of $6 million for the Patriot Self Storage Facilities located in North Port, Florida. The asset consists of two self-storage facilities containing a total of 166,685 sq. ft. in 1,749 units. The financing secured was interest only for 36 months with two 12 month extensions. NorthMarq arranged this financing for the borrower, Patriot Self Storage #1 – Tamiami Trail, North Port, LLC and Patriot Self Storage #2 – Toledo Blade, North Port, LLC, through its relationship with a local private lender.
“The subject properties are two state of the art self-storage facilities that have not yet stabilized due primarily to coming online at the beginning of the recession,” Hernandez said. “The borrower/sponsor skillfully negotiated a discounted payoff with their current lender, and were willing to provide substantial additional equity, which allowed NorthMarq to structure a bridge loan with a private lender.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.