LOUISVILLE, KY – Iron Hound Management Company, LLC, a real estate investment company specializing in commercial debt and equity transactions and commercial loan restructuring, completed the restructuring of the $9.5 million mezzanine debt on 400 W. Market Street in Louisville, Kentucky on behalf of sponsors Mark Karasick and Victor Gerstein. The mezzanine loan modification will subordinate a portion of the debt to the sponsor’s new equity, extend the loan term and reduce the interest rate on the loan. The announcement was made by Robert Verrone, principal of Iron Hound Management Company.
400 W. Market Street, which is located in downtown Louisville, is a 634,000 square-foot Class A trophy office building that is widely regarded as the premier office building in Louisville. The building is home to such major tenants as Mercer, Invesco and the prominent law firms of Frost Brown Todd LLC and Stites & Harbison, PLLC.
“Iron Hound’s expertise and guidance was invaluable in helping us restructure the mezzanine debt on 400 W. Market Street,” said Mark Karasick, President of 601W Companies.”
Iron Hound, which recently expanded its reach on the side to include loan debt and equity placement, was the advisor on another Louisville property in 2011; the loan assumption of the PNC Corporate Plaza..
“Our relationship with the special servicers allowed us to coordinate and negotiate this successful modification,” said Mr. Verrone.
Founded in early 2009, Iron Hound Management has completed nearly $10 billion in transactions since its inception and is actively engaged on over 30 assignments totaling more than $2 billion.