Randall Waddell, Senior Vice President at Northmarq’s Louisville office, recently closed a $45 million loan for The Blending House development in Shelby County, Kentucky. This project is a joint effort between The Koetter Group and The Spirits Group on a 108-acre site located at 1917 Vigo Road.
Northmarq utilized its strong relationship with a regional bank to secure the financing for this project. The loan will not only refinance existing debt on the first phase of the development but also provide construction financing for the second and final phase. In 2023, Waddell was able to secure $25.3 million in construction financing for Phase I of this property.
The completed Blending House will feature seven rickhouses as well as a state-of-the-art blending and bottling facility spanning over 30,000 square feet. This transaction was structured with an interest-only period of two years before amortizing over five years on a twenty-five year schedule.
Phase I has already been fully leased out after being completed which includes three storage buildings along with the blending and bottling facility mentioned earlier. Additionally, Phase II is currently pre-leased out despite still being under construction which consists of four more rickhouse buildings.
