David Garfinkel secures $31 million in acquisition financing for Cedar Lakes Apartments in Lake St. Louis, Missouri

Cedar Lakes Apts
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ST. LOUIS, MISSOURI (March 5, 2019) – David Garfinkel, senior vice president/managing director of NorthMarq’s St. Louis-based regional office, arranged acquisition financing of $31 million for Cedar Lakes Apartments, a 420-unit multifamily property located at 36 Cedar Circle Drive in Lake Saint Louis, Missouri. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its in-house Fannie Mae platform. Located in the well-known Lake St. Louis neighborhood, the property benefits from immediate access to retail, dining, universities and commercial centers. 

Apartment amenities include: high-speed internet access, washer/dryer hookup, air conditioning, heating, ceiling fans, cable ready, storage units, tub/shower, fireplace, dishwasher, disposal, microwave, oven, refrigerator/freezer, carpet, tile floors, vinyl flooring, dining room, walk-in closets, double pane windows and accent walls. Community amenities include: 24-hour secured amenity access, 24-hour emergency maintenance, award-winning management, coffee bar, clubhouse, business center, pet play area, planned social activities, renters insurance program, picnic area, pond, balcony, barbecue/grill area, basketball court, walking/biking trails, and fitness center.  

“This was an acquisition loan between a repeat NorthMarq client and we had to meet acquisition timelines,” noted Garfinkel. “Everyone did a great job and we closed on time.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.