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NorthMarq Readies Construction Loan on SE Indiana MXU
NorthMarq Capital SVP Randall Waddell has finalized a $7.75-million construction loan for Jeffersonville Town Center, a 64,855-square-foot retail property in Jeffersonville, IN. It’s the first phase of what ultimately is planned to be a 160-acre mixed-use development with approximately 500,000 square feet of improvements.
The transaction was structured with a three-year interest-only term with extensions optional to the borrower, who was not identified. Through its relationship with a local bank, NorthMarq arranged financing for the borrower within a 45-day window in order to meet lease requirements of the anchor tenant.
Various iterations of what is now Jeffersonville Town Center have been proposed over the years. In 2003, for example, Cincinnati-based Vision Land Development announced a plan to develop 800,000 square feet of retail in Jeffersonville, a southeast Indiana suburb of Louisville, to take advantage of shopper access from the then-new Veterans Parkway.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
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