1,285-Unit Self Storage Asset in San Diego Secures $17.75MM in Refinancing

Northmarq, San Diego, U-Stor-It

SAN DIEGO, CALIFORNIA – Wyatt Campbell, vice president, and Conor Freeman, vice president of Northmarq’s San Diego office, arranged the $17.75 million refinance of U-Stor-It Barrio Logan, a newly developed self-storage facility in San Diego, California. The three-story property (built in 2021) contains 1,285 units. Northmarq arranged the financing for the borrower (U STOR IT) through its correspondent relationship with a life insurance company.

“This loan was rate locked while the property was in lease-up and funded when the property was near stabilization,” said Campbell. “This pre-stabilized execution gave the borrower the ability to be ahead of the market and mitigate interest-rate volatility.”

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.