Louisville, Kentucky. – NorthMarq provided a $ 10.8 million HUD-insured loan to refinance Hurstbourne Heights Apartments, an 84-unit apartment building located at 7603 Downs Farm Place in Louisville. The deal was structured for 35 years with full amortization. NorthMarq’s Randall Waddell granted a fixed rate non-recourse loan on behalf of an undisclosed borrower.
Hurstbourne Heights is located in the Highview area of Jefferson County, close to GE Machinery Park, Ford SUV Assembly Plant and Louisville Muhammad Ali International Airport. The property was built in 2019 and is managed by PMR Cos.
The loan was funded by NorthMarq Finance LLC, a fully licensed lender to the Federal Housing Authority (FHA) and approved by Ginny Mae’s seller / service provider under the HUD 223 (f) program. The borrower received benefits from the program, including the highest loan-to-value ratio available in the market, low fixed interest rates on Ginnie Mae Securities, greater cash flow through a 35-year repayment schedule, and a borrower-friendly prepayment clause.