LOUISVILLE, KENTUCKY (April 22, 2021) – Randall Waddell, senior vice president of NorthMarq’s Louisville regional office arranged the $2.2 million refinance of Indian Mounds Retail Center. The 46,900 sq. ft. retail property is located at 810-890 Indian Mound Drive in Mount Sterling, Kentucky. The transaction was structured on a 10-year term with a 15-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.
The center shadow-anchors Kroger’s only location in this market area. The refinance, which was necessitated by the maturity of the existing mortgage loan, was delayed as a result of Covid-induced store closures last spring. “An important part of our assignment regarded working with the existing lender to extend the note maturity date to enable our tenants to successfully re-open. We were then able to place this debt with a local funding source with superior pricing for our client,” said Waddell.