LOUISVILLE, KENTUCKY (May 7, 2019) – Randall Waddell, senior vice president of NorthMarq’s Louisville-based regional office, arranged the $10 million refinance of Crossings Center Nine, a 500,000 sq. ft. bulk distribution property located at Louisville’s premier logistics park, Commerce Crossings Business Park. The permanent-fixed rate loan was structured with a 15-year term on a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“Having successfully re-tenanted the building which was originally developed for a single user, the borrower was interested in locking a favorable long-term interest rate at a time of escalating treasury yields in January. The selected lender prevailed by offering to lock a very competitive rate the same day it issued its application, prior to execution of the primary lease,” said Waddell.