$80M Luxury Project Coming to St. Louis Metro
- Aug 08, 2019
Construction of WildHorse, an $80 million mixed-use development in Chesterfield, Mo., with 188 luxury residential units, a 128-key hotel, restaurant and retail space, is set to begin this month. NorthMarq arranged $54.5 million in debt and joint venture equity financing for the project’s developers, Pearl Cos. and Great Lakes Capital.
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David Garfinkel and Dan Baker of NorthMarq’s St. Louis office arranged the financing through its relationship with Canadian Imperial Bank of Commerce (CIBC) and helped secure the JV partner, ReCap Real Estate Investment, on behalf of Reinsurance Group of America Inc. (RGA). RGA has its global headquarters in Chesterfield across from the planned development.
The construction loan is a $38 million three-year interest only loan. RGA is providing $16.5 million in joint venture equity funding. Brinkmann Constructors is the general contractor.
The Class A multifamily portion of the development is slated for completion in early 2021. The hotel and conference center and upscale restaurants, including Ruth’s Chris Steak House with a 5,000-square-foot rooftop deck, will be completed after the residential component. The development will also feature 12,500 square feet of retail and 10,500 square feet of restaurant space.
The site sits along Interstate 64 at the loop for Exit 19A and provides excellent access to the greater St. Louis metro. Located on Wildhorse Creek Road, the property is also near several parks including Faust County Park, Central City Park and River’s Edge Park.
The multifamily community amenities will include a dog park, swimming pool, fitness center, two courtyards, clubhouse, library with Wi-Fi, and ample parking in a structured lot beneath the first floor as well as site-level parking around the property. Unit highlights will include stainless steel appliances with gas ranges, private balconies or patios, vinyl plank flooring and gas fireplaces.
NorthMarq previously teamed up with Indianapolis-based Pearl Capital Management on the $20 million Hibernia Apartments, a 100-unit multifamily community in the Dogtown area of St. Louis. Garfield and Baker, both of the NorthMarq’s St. Louis office, arranged the $20 million in construction financing for Pearl through its relationship with The Bank of Washington, one of the region’s largest commercial lenders. The property will also have a 16,000-square-foot retail space that will be filled by a grocery store.
Just last week, NorthMarq announced its involvement in a $202.5 million multifamily portfolio acquisition by Carter Multifamily and RSE Capital Partners. The two firms purchased 11 Class B and C communities with a total of 1,966 units in Georgia from Kole Management. NorthMarq was an advisor on the deal and also arranged the joint venture, secured six new Freddie Mac Value Add Green Advantage loans, five loan assumptions from Fannie Me and more than $40 million in equity. The financing package, secured within six weeks, included $110.1 million of new debt and joint venture equity.