TAMPA, FL-Noah's Ark Self-Storage #15 LP, the owner of a 12-building facility consisting of 63,000 sf and 614 storage units, has obtained a $3.89-million loan from Oklahoma City-based First Fidelity Group LLC. Greystone Capital Group of Atlanta and the Tampa office of Thomas D. Wood and Co. co-brokered the transaction.
The five-year loan carries a permanent fixed interest rate of 5.75%. The one-year-old, 90%-leased property is at 1210 West Fletcher Ave. Wood vice president Rod Anderson represented his firm in the transaction. Anderson tells GlobeSt.com the financing was done at this time "to lock in a favorable rate, even though the property was not stabilized, thereby allowing the buyer and borrower to get a discounted price." The buyer was a private California investment group.
The mortgage banking firm, based in Coral Gables, has correspondent relationships with 12 major life insurance companies and Wall Street funding sources. The company's $1-billion servicing portfolio consists of long-term mortgages on properties throughout Florida, including retail, industrial, office, senior housings communities, mini storage, apartments, warehouses, hotels and mobile home parks.
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