NorthMarq arranges acquisition financing of $16,730,000 for Springhurst Crossings in Louisville, Kentucky
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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
