Multifamily - Debt

NorthMarq Capital

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

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $55 billion and the multi-year tenure of our more than 500 people.