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Berkadia Arranges Refi on St. Louis-Area Multifamily
Berkadia recently arranged the financing of Chateau Du Mont, a 120-unit, garden-style multifamily property in the St. Louis suburb of Bridgeton, MO. Robert Lipson and Pat Garlich of Berkadia’s New York and Saint Louis offices, respectively, secured $11.22 million in financing through Fannie Mae on behalf of the owner, New York-based David Stern Management.
The 12-year loan featured an attractive low fixed interest rate and a 30-year amortization schedule. The transaction closed on July 20.
“After working with our investment sales team to acquire the property and executing a value-add strategy, our client recognized the opportunity to refinance the property,” said Garlich. “We are pleased to successfully help them achieve their financing criteria, even during these uncertain times in our industry.”
Chateau Du Mont was built in 1970 and features 120 units. The property affords convenient access to the intersection of Interstate 70 and 270 in Bridgeton.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
