Berkadia Sells, Finances Upcoming St. Louis Community
The company secured a $52 million, five-year construction loan on behalf of Watermark Residential.
By Adina Marcut
St. Louis—Berkadia announced the sale and financing of Watermark at Chesterfield Village, a future 345-unit community located in Chesterfield, Mo.
Managing Director Kenneth Aston and Director Andrea Kendrick of Berkadia’s St. Louis office completed the land sale on behalf of the buyer, Watermark Residential, and seller, Chesterfield, Mo.-based Sachs Properties. Berkadia’s Senior Managing Director Kevin Kozminske and Senior Director Michael Duggan arranged financing on behalf of Watermark Residential, securing a $52 million, five-year construction loan through Simmons Bank.
The property will be situated on 12.7 acres, at the southwest corner of Chesterfield Parkway and Lydia Hill Drive, offering access to Chesterfield Mall and Chesterfield Central Park. Community amenities will include outdoor and underground parking, a fitness center and a swimming pool.
“This development is our first in St. Louis, and we couldn’t have imagined a better location. The great jobs, housing, schools and lack of new supply all combine for a very compelling story, one with which we fell in love very early in the process. We continue to look for other opportunities within the St. Louis metro area, but we don’t expect to be able to replicate such a good story as this one,” Josh Purvis, managing partner at Watermark Residential, said in a prepared statement.
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