Northmarq secures $6.4 million refinance for Central Pike Industrial in Nashville MSA
BOISE, Idaho (Feb. 7, 2024) — Steve Hollister, senior vice president in Northmarq’s Boise office, arranged a $6,400,000 cash out refinance of Central Pike Industrial, a 68,450 sq. ft. flex-industrial business park located in Hermitage, Tennessee. The financing was structured on a five-year fixed rate maturing bridge loan with a five-year fixed-rate, non-recourse loan followed by a 30-year amortization schedule. Northmarq arranged the financing through its correspondent relationship with a life insurance company.
“Northmarq’s life insurance partner clinched the deal by offering a compelling package, including a competitive interest rate, flexible prepayment options – yield maintenance for the first two years, followed by a fixed stepdown of 3% to 1%,” said Hollister. “These updated terms seamlessly align with the borrower’s business plan.
“Additionally, we were confident that the lender would provide surety of execution which was important given the current loan was maturing. The lender closed on time, as planned, and without issue at year-end with the assistance of Northmarq’s Nashville office.”
The three-building complex was built in 1988 and purchased by the sponsor in 2021. The existing debt that was refinanced was $6,000,000.
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