NorthMarq’s Louisville office negotiates $2.2 million refinance of Indian Mounds Retail Center in Mount Sterling, Kentucky
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.
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.
