NorthMarq’s Louisville office finalizes $4.65 million refinance of Fortune Plaza Industrial Center in Lexington, Kentucky
The loan allowed for the re-positioning of a retail property into office/flex space
LOUISVILLE, KENTUCKY (March 25, 2021) – Randall Waddell, senior vice president of NorthMarq’s Louisville office arranged the $4.65 million refinance of Fortune Plaza Industrial Center. The 50,000 sq. ft. industrial property is located at 2473 Fortune Drive in Lexington, Kentucky. The transaction was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
NorthMarq was contacted to provide a refinance of existing debt in addition to build-out costs for a major new tenant. Waddell was successful in providing sufficient funds at closing without traditional construction draws, enabling the client to control the build-out process on a shortened timeframe without incurring administrative delays. An interest-only period was negotiated along with a future funding capability for anticipated additional leasing activity. The customized loan structure assisted the client in successfully re-positioning a former retail property into a vibrant office/flex space industrial property consistent with the surrounding area.
“NorthMarq did a wonderful job procuring quotes,” said Farra Alford of Fortune Plaza, LLC. “We are excited to move forward with their recommended bank proposal. In more than 40 years of financing projects, this transaction ranks as the best job I’ve been involved with.”
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.
