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Chicago & Midwest  + Midwest  + Finance  | 

Berkadia Arranges Refi on St. Louis-Area Apartments

Berkadia secured financing for Metro Apartments at Granite City, a 290-unit garden-style multifamily property in Granite City, IL, within the St. Louis metro area. Managing director John J. Schorgl of Berkadia Kansas City secured $20 million in permanent refinancing on behalf of the borrower, Missouri-based KH Properties. 

The 10-year Fannie Mae loan features three years interest only and a rate in the low 3% range. 

“This is the last property in a portfolio of over 1,000 units that the sponsors took to the studs and then leased to over 95% occupancy,” said Schorgl. “They are experts in deals needing major rehab.” 

Located at 4078 Kathy Dr., Metro Apartments at Granite City features fully renovated one- and two-bedroom floor plans with washer and dryer hookups. Residents are afforded convenient access to Interstates 255 and 270, leading directly to downtown St. Louis, Southern Illinois University Edwardsville and other destinations. 

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Berkadia's Schorgl

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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