Northmarq secures $4.85 million refinance of Georgetown Park in Murfreesboro, Tennessee
LOUISVILLE, KENTUCKY (April 18, 2022) - Randall Waddell, senior vice president of Northmarq's Louisville regional office, sourced $4,850,000 in funding for the refinance of Georgetown Park, a 36,950 sq. ft. shopping center in the Nashville MSA. The deal was structured on a 7-year term amortizing over 25 years and was arranged through Northmarq's relationship with a local credit union. Aggressively priced, the loan included cash-out funds for the borrower along with future fundings for planned improvements.
Located in fast-growing Murfreesboro, Tennessee, Georgetown Park is a fully occupied center primarily comprised of service-oriented tenants including medical providers and restaurants.
“The client was seeking a high-leverage refinance and we worked closely over an extended period of time as he consolidated ownership to lock in a low interest rate while providing both cash-out proceeds and future fundings for upgrades to the center,” said Waddell. “Our lender held the quoted interest rate during the closing period in spite of significant upward movement in treasury yields.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
