LOUISVILLE, KENTUCKY (February 7, 2019) – Randall Waddell, senior vice president of NorthMarq’s Louisville-based regional office arranged acquisition financing of $2.27 million for Dundee Place Apartments, a 20-unit multifamily property located at 2242 Dundee Road in Louisville, Kentucky. The transaction was structured with a 7-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
Dundee Place was developed in 2014 as an in-fill rental apartment project situated in a highly desirable single-family residential neighborhood steps from the Douglass Loop in Louisville’s Highlands. Fully leased, the development features nine foot ceilings, granite countertops, and modern appliances.
“Although life company and small-cap Freddie Mac quotes were attained, the out of state Purchaser elected to accept bank financing with very attractive fixed-rate pricing along with prepayment flexibility,” said Waddell.