REBusinessOnline

Lexerd Capital Buys 163-Unit Multifamily Community in Louisville

LOUISVILLE, KY. — Lexerd Capital Management LLC has bought Anchorage Viera, a 163-unit multifamily property in Louisville. The property, which the buyers renamed The Lory of Louisville, comprises 19 two-story buildings and a community building. The community was originally built in 1985 and has recently undergone a $2.5 million renovation to include new Hardiplank siding, roofing, parking lot seal and stripe and refreshed amenities including a clubhouse renovation. Lexerd Capital plans to …

Hunt Midwest to Develop 322,000 SF Spec Industrial Facility in Louisville

LOUISVILLE, KY. — Kansas City, Mo.-based Hunt Midwest will develop Blankenbaker Logistics Center, a speculative industrial building located 13 miles southeast of downtown Louisville within Blankenbaker Station business park. Blankenbaker Logistics Center will occupy a 20-acre site at 13007 Rehl Road and include more than 322,000 square feet of leasable space, 187 surface parking stalls, 44 tractor trailer parking stalls and a 140-foot truck court. Building features will include 32 dock …

The Terrible T’s of Inventory: Timing and Taxes

Inventory taxes pose an additional cost of doing business in more than a dozen states, and despite efforts to mitigate the competitive disadvantage the practice creates for many taxpayers, policymakers have yet to propose an equitable fix. Virtually all states employ a property tax at the state or local level. The most common target is real property, which is land and land improvements; and tangible personal property such as fixtures, machinery and equipment. [caption …

Dougherty Mortgage Provides $8.2M Fannie Mae Green Loan for Multifamily Property in Louisville

LOUISVILLE, KY. — The Atlanta office of Dougherty Mortgage recently provided an $8.2 million Fannie Mae acquisition loan for Newberry Parc Apartment Homes, a 132-unit, market-rate multifamily property in Louisville. Borrower Durham Hill Properties II LLC obtained the 12-year loan with a 30-year amortization schedule utilizing Fannie Mae’s Green Rewards program. Located at 250 Olde English Court, the apartment complex was constructed in 1971 and renovated in 2017. One- and two-bedroom units …

Trez Forman Provides $38.8M Construction Loan for Spec Industrial Project in Northern Kentucky

WALTON, KY. — Trez Forman Capital has provided a $38.8 million construction loan for two spec industrial buildings totaling 776,820 square feet in Walton, a city in northern Kentucky approximately 20 miles south of downtown Cincinnati. The borrower, SFG Walton KY LLC, is developing the buildings on a 55-acre site within Logistics Park 75, near the intersection of Interstates 75 and 71. The first building will span 544,320 square feet and feature two tenant bays of equal size. The second will …

Sports, Entertainment Venues Highlighting Louisville’s New Retail Wave

Home of the Louisville Slugger and Muhammad Ali, sports is engrained in the identity of Louisville. Derby City continues to make a big push to bring in an NBA team, but a different professional team is already in town. Louisville City FC, also known as LouCity, is Louisville’s professional soccer team. The club is not only a two-time champion of the USL, the team is now in the process of building a new $65 million stadium with seating for more than 13,000 spectators. Dubbed Lynn Family …

New Multifamily Properties, Redevelopments Popping Up Around Metro Louisville

Louisville continues high occupancy levels throughout the metropolitan area in all apartment types as the market continues to enjoy record-level rent growth and new development. This is enhanced by low unemployment and rising wages throughout the Louisville metropolitan area. The diverse local economy from worldwide distribution at UPS and high-tech manufacturing at Ford Motor Co. and General Electric Appliance Park, as well as innovation in the medical industry, continue to provide high-paying …

After Year of Record Industrial Leasing, Investors Zeroing in on Louisville

In 2018, Louisville saw a record year with more than 10 million square feet of net absorption in its industrial sector. This is a huge absorption number for any of the Midwest markets and represents more than three times Louisville’s previous record. Louisville was second only behind Chicago out of the Midwest markets tracked by CBRE. The absorption follows a record year for speculative construction as well, as close to 4 million square feet was delivered in 2018. User demand came from all …

Brookview Realty Purchases Apartment Complex in Louisville for $38M

LOUISVILLE, KY. — Brookview Realty Group has purchased Echelon at Middletown, a 210-unit, garden-style apartment complex in Louisville’s Middletown neighborhood, for $38 million. The property offers one-, two- and three-bedroom floor plans averaging 1,080 square feet. Community amenities include a swimming pool, spa, 24-hour fitness center with a yoga studio, pet park, internet café and a business center. The community is located at 400 Echelon Way, 17 miles east of downtown Louisville. …

HVAC Manufacturer to Invest $50M in New Louisville Plant, Add 400 Jobs

LOUISVILLE, KY. — Kentuckiana Curb Co. Inc., which makes HVAC products and does business as KCC Manufacturing, plans to develop a 300,000-square-foot, $50 million facility in Louisville that will house corporate offices and manufacturing space. KCC acquired 20 undeveloped acres at 2706 Blankenbaker Road for the project, which is 14 miles east of downtown Louisville. The Kentucky Economic Development Finance Authority (KEDFA) will provide KCC with $6.5 million of tax incentives if the company …

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