Northmarq's Louisville office secures $3 million loan modification/refinance of Bardstown Retail Center
LOUISVILLE (December 6, 2022) - Northmarq Louisville's senior vice president, Randall Waddell, secured a $3,000,000 funding for the refinance of Wilson & Muir Plaza, a 63,598 sq. ft. retail plaza in Bardstown, Kentucky. The property is located at 100 West John Rowan Boulevard in this capital of the bourbon industry.
The borrower is a repeat client who worked with Waddell in 2016 to refinance this asset with a national life insurance company represented by Northmarq. Following the recent opening of a new anchor tenant, Marshall's (TJX), in the center, the Borrower was desirous of modifying the existing loan terms in order to extend the loan term while cashing out additional loan dollars. As a result of the existing interest rate, which was well below current market rates, Northmarq was able to negotiate a new blended interest rate of 4.85 percent fixed over a new ten-year term.
"Our client was extremely pleased with our ability to avoid prepayment penalty fees and successfully modify loan terms with minimal closing costs in a difficult retail lending environment. Northmarq's correspondent relationship with the lender was integral to the process," said Waddell.
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