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.”