Multifamily - Debt

NorthMarq negotiates $24.735 million refinance of Spanish Cove Townhomes in St. Louis, Missouri

CINCINNATI, OHIO (January 12, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office collaborated with David Garfinkel, senior vice president of NorthMarq’s St. Louis office to finalize the $24,735,000 refinance of Spanish Cove Townhomes. The 784-unit multifamily property is located at 1708 San Remo Court in St. Louis, Missouri. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged the permanent-fixed rate loan for the borrower through its relationship with a national bank.  

The sprawling community consists of 100 percent townhome units located on 38 acres, was constructed in 1971 and underwent a significant renovation from 2015-2018. Property amenities include a pool, clubhouse, fitness center, business center, recreation room, media room, playground, on-site laundry facility and a concierge. The property has great access to shopping and schools as it is located minutes from I-270 and Lewis and Clark Blvd and directly off of Bellefontaine Road.

“All parties involved pulled together to expedite this loan closing and save the borrower a full month of additional interest on the previous bridge loan. Our correspondent lender provided excellent terms, substantially reducing the borrower’s interest rate, and their customer service went above and beyond on this transaction,” said Juran.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.