Northmarq Arranges Construction Loan for St. Louis-Area Townhomes
David Garfinkel, SVP/managing director of Northmarq’s St. Louis-based regional office, negotiated a $23.5-million construction loan for the Terraces at Wildhorse Village, a 70-unit, Class A, luxury townhome development in Chesterfield, MO. The project is part of Wildhorse Village, a $500 million, 80-acre mixed-use development.
Northmarq arranged the financing for the borrower/developer, St. Louis-based Pier Property Group (PPG), through its longstanding relationship with regional bank INB. This is the fourth construction loan that Northmarq has secured for PPG, a prolific multifamily developer in the St. Louis market, through multiple bank lenders. These loans have totaled more than $125 million.
“We were excited to work with Michael Hamburg, owner of PPG, on the construction financing of this high-quality asset in an incredible location in Chesterfield,” Garfinkel said. “Also, Mr. Hamburg sees the value of working with Northmarq on the construction lending side.
- ◦Financing