LOUISVILLE, KENTUCKY (April 21, 2022) – Randall Waddell, senior vice president in Northmarq’s Louisville debt/equity office, sourced a $1,284,000 funding for the acquisition of Oxford Circle Apartments, a 32-unit apartment property located at 1805 Oxford Circle in Lexington, Kentucky. Northmarq arranged financing through its relationship with a local bank. Rockbridge Investment Group, an affiliate of the DeRosa Group of Trenton, New Jersey, acquired the property.
Constructed in 1965, Oxford Circle Apartments consists of a two-story building containing 32 one-bedroom units located in the Versailles Road corridor of Lexington.
The transaction was structured with a 15-year term including two years of interest-only payments amortizing thereafter over 25 years. An objective of the financing was to provide maximum leverage for the acquisition along with improvement costs to allow for the completion of on-going renovations.
“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.