NorthMarq completed the $24,735,000 refinance of Spanish Cove Townhomes, a 784-unit complex in St. Louis. Noah Juran, managing director of NorthMarq’s Cincinnati office, collaborated with David Garfinkel, managing director of NorthMarq’s St. Louis office, to finalize the transaction.
The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged the permanent-fixed rate loan for the borrower through its relationship with a national bank.
“All parties involved pulled together to expedite this loan closing and save the borrower a full month of additional interest on the previous bridge loan,” said Juran. “Our correspondent lender provided excellent terms, substantially reducing the borrower’s interest rate, and their customer service went above and beyond on this transaction.”
Located on 38 acres, Spanish Cove Townhomes was constructed in 1971 and underwent a significant renovation between 2015 and 2018.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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