ST. LOUIS, MISSOURI (March 12, 2019) – David Garfinkel, senior vice president/managing director of NorthMarq’s St. Louis-based regional office, finalized the $21,878,322 construction loan for Whispering Heights, a Class A, market-rate property consisting of 153 residential units and 18,700 sq. ft. of retail space located at Illinois Route 157 and Enclave Boulevard in Edwardsville, Illinois. The transaction was structured with a 7-year term with 30-months of interest only (during construction) followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Illinois National Bank. The property is being built in front of The Enclave, a student housing development in Edwardsville.
“Edwardsville is a prime and growing market with this project being a perfect fit and filling a need. Working with David and the Whispering Heights team made for a smooth closing,” said Zach Lammers, vice president of commercial banking—Illinois National Bank.
The property, representing the city’s newest construction, will officially be the tallest building in Edwardsville. The property features include: upscale and modern finishes, private garage parking, a state-of-the-art fitness complex and rooftop terraces. Whispering Heights benefits from close proximity to downtown Edwardsville and is adjacent to the Madison County Transit Bike Trail.
“This project will include Class A units and ground floor retail and is the first project like it in the Edwardsville market in many years,” explained Garfinkel. “Illinois National Bank has made a recent push in the Metro East and St. Louis market and did a great job in closing the transaction.”