Northmarq's Louisville office secures $3 million loan modification/refinance of Bardstown Retail Center
LOUISVILLE (December 6, 2022) - Northmarq Louisville's senior vice president, Randall Waddell, secured a $3,000,000 funding for the refinance of Wilson & Muir Plaza, a 63,598 sq. ft. retail plaza in Bardstown, Kentucky. The property is located at 100 West John Rowan Boulevard in this capital of the bourbon industry.
The borrower is a repeat client who worked with Waddell in 2016 to refinance this asset with a national life insurance company represented by Northmarq. Following the recent opening of a new anchor tenant, Marshall's (TJX), in the center, the Borrower was desirous of modifying the existing loan terms in order to extend the loan term while cashing out additional loan dollars. As a result of the existing interest rate, which was well below current market rates, Northmarq was able to negotiate a new blended interest rate of 4.85 percent fixed over a new ten-year term.
"Our client was extremely pleased with our ability to avoid prepayment penalty fees and successfully modify loan terms with minimal closing costs in a difficult retail lending environment. Northmarq's correspondent relationship with the lender was integral to the process," said Waddell.
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.
