Northmarq’s St. Louis office arranges $10 million financing of The Vineyards apartments
ST. LOUIS, MISSOURI (May 8, 2023) — Northmarq’s David Garfinkel, senior vice president and managing director of the St. Louis debt/equity office, arranged the $10 million refinancing of The Vineyards apartments in St. Louis, Missouri. The 426-unit multifamily property, professionally managed by Kohner Properties Incorporated, is situated on approximately 18 acres at 4227 Drambuie Lane. Garfinkel secured the permanent fixed rate loan on behalf of the borrower through its Optigo status as a Freddie Mac lender.
“This was a lower leverage loan with 100% affordability, so it was a very attractive lending opportunity for Freddie Mac,” said Garfinkel.
The Vineyards consists of 19 buildings built in 1973 and renovated in 2002. Offering one-, two-, and three-bedroom apartment homes in the heart of South County, the multifamily property boasts easy access to Interstate 270, Interstate 55, and downtown St. Louis. Residents enjoy spacious interiors, on-site laundry, and a huge pool and sundeck, in addition to the convenience of St. Louis’ shopping, dining, and entertainment. The Vineyards is a short drive to Lemay Ferry, Telegraph, and Tesson Ferry and provides easy access to fishing and playgrounds at Suson Park and ice skating and swimming at the Kennedy Recreation Complex.
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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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
