Berkadia Arranges Sale of St. Louis Apartments in Opportunity Zone
Berkadia arranged the sale and acquisition financing of The Oliver, a newly built 151-unit multifamily community located in an Opportunity Zone in St. Louis. Director Bobby Mills and managing directors Andrea Kendrick and Ken Aston of Berkadia St. Louis completed the sale on behalf of the sellers, Missouri-based Larson Capital Management and Ridgehouse Companies. Deal terms weren’t disclosed.
Senior managing director Bob Falese and director Jeremy Lynch of Berkadia Philadelphia arranged the financing on behalf of the buyer, Fortbridge Capital Partners.
“The sale and financing of The Oliver was a true team effort,” said Mills. “Working in collaboration with Berkadia’s debt team allowed us to quickly sell and finance this Opportunity Zone project prior to full certificate of occupancy, at 0% occupancy, in 29 days. Ridgehouse and Larson developed a top-tier, highly successful community which is a strong testament to the much-needed housing density in the rapidly growing Olivette corridor.”
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. 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 15-20 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).