Northmarq finalizes $43 million acquisition financing for Springhurst Towne Center

LOUISVILLE, Ky. (Feb. 15, 2024) — Randall Waddell, senior vice president of Northmarq’s Louisville Debt + Equity office, has secured $42,965,000 in acquisition financing for a 58-acre retail power center in Louisville, Kentucky. Located at 3575 Springhurst Boulevard, Springhurst Towne Center was built in 1997 and is 99% occupied. Northmarq secured the fixed rate loan on behalf of the borrower, a partnership between Louisville-based Kaden Companies and Marquee Capital, a Milwaukee-based real estate investment firm, through its relationship with a commercial bank. The transaction was structured on a 10-year term with 18 months interest-only payments and a 25-year amortization schedule.

“In a challenging market for large exposures on big-box retail, Northmarq was successful in securing attractive terms and ensuring the closing occurred within a tight timeline,” Waddell said. “Kaden Companies, a long-time client, brought deep knowledge of the local retail market along with a high level of respect for their management and leasing capabilities to the deal.”

Springhurst Towne Center boasts an exceptional location and visibility just off of the Gene Snyder Freeway and Westport Road in one of Louisville’s primary retail trade areas. The multi-tenant retail center features over 800,000 total sq. ft. and hosts a number of premier tenants including T.J. Maxx, HomeGoods, Dick’s Sporting Goods, Kohl’s, Hobby Lobby and Old Navy. Additionally, it is shadow-anchored by Target and Meijer.