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Northmarq Arranges $45M Financing for Bourbon Facility in Kentucky
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 financing on behalf of the borrower through a relationship with MetLife Agricultural Finance. The permanent fixed-rate financing, which replaced the construction financing previously provided by Waddell, is structured with a seven-year term.
“This financing reflects the strength of a highly specialized, substantially leased asset and an experienced team,” Waddell said. “By combining state-of-the-art bourbon storage with integrated post-distillation capabilities, the facility provides important infrastructure for Kentucky’s spirits industry.”
Recently completed, the campus includes seven premium rickhouses utilizing The Koetter Group’s K-RAX barrel storage system and a 33,500-square-foot.-foot blending and bottling facility. Built exclusively for post-distillation needs, The Blending House integrates maturation and storage, bulk whiskey sourcing, blending, bottling and back office support for third-party spirits brands. The campus is more than 95 percent leased.
