ST. LOUIS, MISSOURI (August 8, 2019) – David Garfinkel and Dan Baker of NorthMarq’s St. Louis office arranged debt/joint venture equity financing for the construction of Wildhorse.
The 188-unit Class A multifamily/retail property will be located on Interstate 64 and Wildhorse Creek Road in Chesterfield, Missouri. Work on the project will begin in mid-August by the general contractor, Brinkmann Constructors. The apartments will be available for in early 2021, with the hotel/conference center and upscale restaurants following.
– Construction loan
– 3-year interest only term
– $38 million debt/$16.5 million joint venture equity
– NorthMarq arranged financing for the developers, Pearl Companies and Great Lakes Capital, through its relationship with Canadian Imperial Bank of Commerce (CIBC), an international bank. NorthMarq previously worked with Pearl Capital Management on the $20 million Hibernia Apartments in the Dogtown area of St. Louis, Missouri.
– ReCap Real Estate Investment on behalf of Reinsurance Group of America, Incorporated (RGA) was represented as the JV partner
“We appreciate the opportunity to work with Pearl Companies and Great Lakes Capital in their search for a construction loan and JV Partner on this Class A+ multi-family property. We did a comprehensive search and came up with a great team to turn this project into reality.”
– David Garfinkel
“Our philosophy is to create irreplaceable properties in irreplaceable locations, and WIldhorse and Chesterfield certainly quality. We look for ‘hidden gems’ where we can produce a unique living environment with all of the amenities and advantages that today’s consumers are seeking.”
– Jeff Tegthoff, Pearl Capital Management President
“By combining retail, hospitality and multifamily housing in a single location, Wildhorse will be a true urban village where residents and visitors alike will discover an attractive and active community, with incredible access to the region, yet right in the heart of Chesterfield.”
– Ryan Rans, Great Lakes Capital Managing Director/Co-Founder
– WildHorse, an $80 million development, will be comprised of 188 luxury Class A apartments, 12,500 sq. ft. of retail, and 10,500 sq. ft. of restaurant space. The retail portion of the property is anchored by a Ruth’s Chris restaurant that has a 5,000 sq. ft. rooftop deck.
– Unit amenities include: Stainless steel appliances with gas ranges, private balcony or patio, vinyl plank flooring and gas fireplace.
– Community amenities include: Dog park, swimming pool, modern fitness center, two courtyards, clubhouse, library with Wi-Fi, structured parking beneath the first floor, along with site level parking surrounding the subject and it is walking distance to other desirable local amenities.
– The property will benefit from close proximity to numerous parks (Faust County Park, Central City Park and River’s Edge Park).
– The site sits along Interstate-64, at the loop for exit 19A, and provides excellent access to the greater St. Louis Metro. The location offers some of the best demographics in the area. The population within a five mile radius is greater than 100,000 and the median household income within a three mile radius is a strong $162,687.