LOUISVILLE (November 14, 2016) – Randall Waddell, senior vice president of NorthMarq Capital’s Louisville-based regional office arranged the $12 million refinance of Sheraton Louisville Riverside Hotel, a 180-room property located at 700 West Riverside Drive in Jeffersonville, Indiana. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Sotherly Hotels, through its correspondent relationship with a life insurance company. Sotherly Hotels is a lodging REIT whose portfolio is comprised of upscale, full-service hotels in the Southern United States.
“In a highly selective financing environment for hospitality properties, NorthMarq was successful in providing us a preferred life company structure and insured that we met a tight timeline necessary to take out our existing debt at maturity,” said Scott Kucinski, vice president of operations and investor relationships with Sotherly. “Randy Waddell and his NorthMarq team closed within thirty days of application.”