Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
George Smith Partners Arranges Debt for St. Louis Mixed-Use
George Smith Partners (GSP) secured $60.2 million in construction financing for Terra, a 307-unit, Class-A, mixed-use project in St. Louis’ Grove neighborhood. Comprised of a $42.5-million senior loan and $17.7 million of preferred equity, the financing was obtained on behalf of Terra’s sponsor, St. Louis-based Green Street Development.
Kyle Howerton, SVP at GSP, sourced the debt with CIT and the preferred equity with Saperean Capital, a division of Kayne Anderson Real Estate.
“Financing complicated real estate developments is never easy, but even more complex amidst a pandemic,” said Phil Hulse, founder and CEO, Green Street Development. “We were fortunate to have Kyle Howerton and George Smith Partners on our team to guide us through a creative and successful financial close.”
The property is located at 4500-4540 Swan Ave., one block south of Manchester Avenue. Construction on Terra is expected to be completed in the first quarter of 2022.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
