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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.
- ◦Financing


