Suburban St. Louis Community Gets $11M Refi
- Apr 26, 2016
Wentzville, Mo.—Winslow LLC has obtained $11 million in refinancing for an apartment property it recently developed in Wentzville, Mo., Villages at Lake Silvercote. The company started work on the first phase of the development in 2014 and completed it last year.
Villages at Lake Silvercote is a 105-unit community made up of 10 residential buildings, with two non-residential common area buildings. It consists of five three-story apartment buildings, and five two-story townhouse buildings. Common amenities include a clubhouse, 24-hour fitness center, swimming pool, garage and on-site management.
The development is structured in three phases. Phase II is currently under construction and the lease-up process is underway. Wentzville is in the St. Louis metro market.
The refinancing is a Fannie Mae loan. Its terms include a seven-year term, with one-year interest-only, followed by a 30-year amortization period, and a 6.5-year yield maintenance period.
Hunt Mortgage Group provided the loan. It’s a subsidiary of Hunt Cos. and offers Fannie Mae, Freddie Mac, and HUD/FHA loans, in addition to its own proprietary loan products.