LOUISVILLE, KENTUCKY (March 25, 2020) – Randall Waddell, senior vice president of NorthMarq’s Louisville-based regional office completed $16.73 million in acquisition financing for Springhurst Crossings. The 73,607 sq. ft. retail property is located at 3501-3610 Springhurst Boulevard in Louisville, Kentucky.
”We were pleased to be able to accommodate the Borrower’s need for a full loan with limited recourse at a very favorable interest rate,” said Waddell. “Having placed the prior life company debt on the center, we observed that the property has displayed an ability to successfully re-tenant when necessary as demonstrated by its historically high occupancy.”
Springhurst Crossings, located in one of the fastest growing and highest income areas of Louisville, is a local service oriented center comprised of 22 tenants. Developed by the seller, who will continue to manage and lease the center, the subject was 98 percent occupied at the time of closing. The transaction was structured with a 10 year term amortizing over 25 years through a regional bank relationship of NorthMarq.