Northmarq secures $4.85 million refinance of Georgetown Park in Murfreesboro, Tennessee

LOUISVILLE, KENTUCKY (April 18, 2022) - Randall Waddell, senior vice president of Northmarq's Louisville regional office, sourced $4,850,000 in funding for the refinance of Georgetown Park, a 36,950 sq. ft. shopping center in the Nashville MSA. The deal was structured on a 7-year term amortizing over 25 years and was arranged through Northmarq's relationship with a local credit union. Aggressively priced, the loan included cash-out funds for the borrower along with future fundings for planned improvements.

Located in fast-growing Murfreesboro, Tennessee, Georgetown Park is a fully occupied center primarily comprised of service-oriented tenants including medical providers and restaurants.

“The client was seeking a high-leverage refinance and we worked closely over an extended period of time as he consolidated ownership to lock in a low interest rate while providing both cash-out proceeds and future fundings for upgrades to the center,” said Waddell. “Our lender held the quoted interest rate during the closing period in spite of significant upward movement in treasury yields.”