LOUISVILLE, KENTUCKY (April 6, 2022) - Randall Waddell, senior vice president in Northmarq's Louisville regional office, sourced $2,336,075 to provide acquisition financing for The Overlook at Henry Clay Apartments, a 48-unit apartment community located at 2066 Fairmont Court in Lexington, Kentucky. Northmarq arranged financing for the borrower, RockBridge Investment Group, through its relationship with a local bank.
An affiliate of the Sponsor, the DeRosa Group of Trenton, New Jersey, acquired the property in 2019. Originally constructed in 1968, DeRosa created significant value through strategic renovations resulting in increased rents at The Overlook which is located in the desirable Richmond Road corridor of Lexington. A newly formed entity affiliated with DeRosa acquired the apartment development which is now 97 percent occupied.
The transaction was structured with a 7-year term including two years of interest-only payments, amortizing thereafter over 25 years. An objective of the financing was to lock in a favorable interest rate along with future fundings committed by the lender for completion of on-going improvements.
“Randy Waddell and the Northmarq team were instrumental in navigating a complex acquisition which involved the purchase of two properties simultaneously in the midst of a changing lending environment complicated by a challenging timeline. Randy and his team exceeded our expectations and their deep local relationships proved to be an asset that made this transaction possible," said Kevin Dean, Principal – RockBridge Investment Group.