LOUISVILLE, KENTUCKY (May 5, 2021) – Randall Waddell, senior vice president of NorthMarq’s Louisville office, arranged acquisition financing of $10.5 million for Freys Hill Retail Center. The 58,726 sq. ft. retail property is located at 10220 Westport Road in Louisville, Kentucky. The property, built in 2003, is anchored by PetSmart and is located in the Springhurst retail area in Louisville’s eastern suburbs. Other tenants include: Half Price Books, Party City, and Starbucks.
The fixed rate loan was structured with a 10-year term on a 25-year amortization schedule with two years interest-only. NorthMarq arranged financing for the buyer, Compass Capital, LLC of Lexington, Kentucky, through its relationship with a local bank. “Compass Capital, a full- service real estate investment, management and development company, was pleased with the financing terms in light of a challenging retail lending environment,” said Waddell.
The center, which is fully occupied, has successfully re-tenanted vacancies when required in this tight retail corridor. PetSmart, an original tenant, is unusual in this location in that it contains both a PetsHotel and Banfield Pet Hospital. These additional services bring foot traffic to this location, a local service orientation echoed by other tenants at Freys Hill.