NorthMarq Capital secures $2.8 million refinance of retail property located in Louisville, Kentucky

LOUISVILLE (September 26, 2016) – Randall Waddell, senior vice president of NorthMarq Capital’s Louisville-based regional office, arranged the $2.8 million refinance of Richlawn Centre, a 16,680 sq. ft. retail property located at 4133-4149 Shelbyville Road in Louisville, Kentucky. NorthMarq sourced financing for the borrower through its relationship with a regional bank. “Our client was faced with the untimely loss of a long-term tenant, Radio Shack, prior to the maturity of a CMBS loan secured by this well-known St. Matthews retail center,” said Waddell. “Rather than accepting an interim recourse loan until that space was re-let, NorthMarq was successful in placing a 7-year term loan that provided one year of interest-only debt service along with an earn-out capability to fund future re-tenanting costs. The earn-out, which is co-terminus with the original funding, featured an interest rate lock for up to a year.”