Northmarq Louisville secures $34.2 million funding for the construction of Jeffersonville Town Center South East
LOUISVILLE, KENTUCKY (May 10, 2022) - Randall Waddell of Northmarq's Louisville regional office secured a $34,200,000 loan for the construction of Jeffersonville Town Center South East. The Subject is located at 1620-1660 Veterans Parkway, Jeffersonville, Indiana within the Louisville MSA. This is the fourth phase of the Jeffersonville Town Center development. It will include a strip center anchored by Academy Sports and Outdoors, 4 out-parcels, and a ground lease for a new to market big-box, retail tenant. The total size of planned improvements will be 133,144 square feet on approximately 28 acres.
Jeffersonville Town Center consists of the Town Center and The Marketplace at Jeffersonville Town Center totaling approximately 180 acres. Bisected by Veterans Parkway which provides direct access to an interchange of I-65, this growing regional development serving a trade area that now exceeds 400,000 people combines a variety of both large and small retailers, a growing array of restaurants and cafes, office, medical office, hotel and planned luxury apartments.
Earlier phases include Menards, Hobby Lobby, T J Maxx, and Burlington Stores as anchors.
Northmarq arranged the financing through its relationship with a regional bank. The loan is structured on a 5-year term amortizing over 25-years following a 3-year interest-only period during which three phases of construction are planned. “Our client was particularly pleased that the loan facility provided an attractive fixed rate over the term which was committed prior to the recent run-up in interest rates”, 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.
