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JLL Closes Refi on “Diverse and Noncontiguous” St. Louis Resi
JLL Capital Markets recently arranged a $27.5-million refinancing of Promenade at New Town, a 225-unit residential property in the St. Louis suburb of St. Charles, MO. The firm’s Kristian Lichtenfels and Lucas Borges represented Gold Block Ventures in arranging a 10-year, 3.15%, fixed-rate, full-term, interest-only loan with a national conduit lender.
Promenade at New Town is located on 80 separate land parcels and comprises 95 residential buildings with a combination of townhomes, garden-style apartments, row homes and single-family residences. Residents have convenient access to St Louis’ top employers.
“Because of its diverse and noncontiguous nature, our Promenade at New Town asset was not a fit for many of the plug-and-play multi-housing permanent debt options,” said Gold Block president Adam Goldberg. “JLL effectively navigated the diverse capital markets space to source competitive debt options with attractive terms and provided sound guidance through the somewhat complex transaction.”
- ◦Financing
