NorthMarq Capital’s Louisville office secures $12 million refinance of Sheraton Louisville Riverside Hotel
Sheraton Louisville Riverside Hotel
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.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
