Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Merchants Capital Secures $71M Financing on St. Louis-Area Mixed-Use Complex
Merchants Capital secured $71 million in total financing for the Wildhorse Development, a market-rate, mixed-use luxury apartment and service retail complex in the St. Louis suburb of Chesterfield, MO. Great Lakes Capital, the loan’s sponsor, finished construction on the asset in April and has leased to 100% occupancy in less than seven months.
The Wildhorse Development features 188 luxury units, a 15,000-square-foot Ruth’s Chris Steakhouse with a rooftop bar and 10,000 square feet of service retail. With the proceeds from the Merchants Bank of Indiana facilities, Great Lakes Capital paid off its existing construction loan, bought out limited partners from the original development and secured additional interest only for the property prior to the permanent financing takeout.
“Great Lakes Capital presented us with this tremendous opportunity, and we were committed to structuring the financing to best fit their needs,” said Brian Shelbourne, VP of originations at Merchants Capital.
- ◦Financing
