NorthMarq Capital secures $2.8 million refinance of retail property located in Louisville, Kentucky
LOUISVILLE (September 26, 2016) – Randall Waddell, senior vice president of NorthMarq Capital’s Louisville-based regional office, arranged the $2.8 million refinance of Richlawn Centre, a 16,680 sq. ft. retail property located at 4133-4149 Shelbyville Road in Louisville, Kentucky. NorthMarq sourced financing for the borrower through its relationship with a regional bank. “Our client was faced with the untimely loss of a long-term tenant, Radio Shack, prior to the maturity of a CMBS loan secured by this well-known St. Matthews retail center,” said Waddell. “Rather than accepting an interim recourse loan until that space was re-let, NorthMarq was successful in placing a 7-year term loan that provided one year of interest-only debt service along with an earn-out capability to fund future re-tenanting costs. The earn-out, which is co-terminus with the original funding, featured an interest rate lock for up to a year.”
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.
