LOUISVILLE, KY. — NorthMarq has provided a $10.8 million HUD-insured loan for the refinancing of Hurstbourne Heights Apartments, an 84-unit multifamily property located at 7603 Downs Farm Place in Louisville. The transaction was structured with a fully-amortizing 35-year term. Randall Waddell of NorthMarq originated the non-recourse, fixed-rate loan on behalf of the undisclosed borrower.
Hurstbourne Heights is located in the Highview area of Jefferson County, and situated close to GE’s Appliance Park, Ford’s SUV assembly plant and the Louisville Muhammad Ali International Airport. Constructed in 2019, the property is managed by PMR Cos.
NorthMarq Finance LLC, a fully licensed Federal Housing Administration (FHA) lender and approved Ginnie Mae seller/servicer through HUD’s 223(f) program, funded the loan. The borrower received benefits from the program including the highest loan-to-value ratio available in the market, low fixed interest rates based on Ginnie Mae securities, greater cash flow due to the 35-year amortization schedule and a borrower-friendly prepayment provision.