KH Properties Lands $18.3M Refi in St. Louis Area
Berkadia secured $18.3 million in Fannie Mae financing for the 350-unit property.
KH Properties has received a $18.3 million refinancing loan for Metro Apartments at Bethalto, a 350-unit garden-style property in Bethalto, Ill. Berkadia secured the Fannie Mae financing. The 12-year loan has a 75 percent loan-to-value ratio and a 30-year amortization schedule.
Built in 1968 and previously owned by James Green Management, the asset comprises one-, two- and three-bedroom apartments, with hardwood-style flooring and air conditioning. Common-area amenities include a basketball court, playground, baseball field and outdoor areas with grilling stations. The community also has 395 parking spaces.
Located at 190 Rue Sans Souci, on 13 acre, the 40-building asset is within 2 miles of St. Louis Regional Airport. The surrounding area has several retail and dining options, including a Walmart Supercenter, which is 4 miles from Metro Apartments.
Berkadia Managing Director John J. Schorgl arranged the financing. This month, the brokerage secured a $54.4 million financing package for Monument Village at College Park, a 235-unit community in College Park, Md. The borrower, Foulger-Pratt, acquired the property for $62.7 million.