LOUISVILLE, KENTUCKY (April 14, 2021) – Randall Waddell, senior vice president of NorthMarq’s Louisville office secured the $3 million refinance of Crossings Center One. The 70,000 sq. ft. industrial property is located at 5051 Commerce Crossings Drive in Louisville, Kentucky. The transaction was structured with a 5-year term on a 15-year amortization schedule. NorthMarq arranged the permanent fixed-rate loan for the borrower through its relationship with a regional bank.
Located in a sought-after business park offering excellent proximity to Louisville International Airport and the UPS Worldport, the challenge for NorthMarq surrounded the upcoming rollover date of the single tenant lease in place with a technology firm. Having placed the acquisition loan seven years ago, NorthMarq had great familiarity with the building and the investor group. “We were successful in refinancing the maturing debt in place along with securing a future funding capability for re-tenanting costs without any required reserves or other structure as a result of the strength of the location and vibrancy of the Louisville industrial market,” said Waddell.
Waddell noted how this transaction exemplifies how market expertise combined with lender relationships is crucial in the current environment. “We worked quickly with a relationship bank lender who provided very aggressive terms that met the borrower’s needs.”