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Northmarq Secures $45M for Bourbon Facility in KY
Senior Vice President Randall Waddell of Northmarq’s Louisville office finalized a $45 million loan for The Blending House development, a collaboration between The Koetter Group and The Spirits Group located on a 108-acre site at 1917 Vigo Road in Shelby County, Kentucky.
Northmarq arranged the financing through its relationship with a regional bank. The loan refinances existing debt on the first phase of the development and provides construction financing for the second and final phase. Waddell secured the $25.3 million construction financing for Phase 1 of the property in 2023.
Upon completion, The Blending House will consist of seven rickhouses along with a 30,000-square-foot blending and bottling facility. The transaction was structured on an interest-only basis for two years, amortizing for the balance of a five-year term on a 25-year schedule. Phase I, consisting of the blending and bottling facility and three storage buildings, is completed and fully leased. Phase II, containing four additional rickhouse buildings, is substantially pre-leased.
