Berkadia Sells, Finances Upcoming St. Louis Community | Multi-Housing News
Berkadia Arranges Land Sale and $52M Construction Financing for Multifamily Property in Chesterfield, Missouri
ST. LOUIS – February 21, 2017 – Berkadia announced today the sale and financing of Watermark at Chesterfield Village, a 12.69-acre multifamily site located in Chesterfield, Missouri. 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, an Indianapolis-based multifamily developer, and seller, Sachs Properties of Chesterfield, Missouri.
“This sale is notable because it marks the first multifamily development in Chesterfield in nearly 30 years,” said Kendrick. “The developer expects to have it completed in late 2018.”
Berkadia’s Senior Managing Director Kevin Kozminske and Senior Director Michael Duggan also worked with Watermark Residential to arrange the financing, securing a $52 million five-year construction loan through Simmons Bank.
“Berkadia was glad to work with Simmons Bank on this lending opportunity for a high-quality developer such as Watermark,” said Duggan. “We also look forward to providing Watermark with an agency permanent loan upon the property’s completion and stabilization.”
Watermark at Chesterfield Village will be located at the southwest corner of Chesterfield Parkway and Lydia Hill Drive, affording convenient access to Chesterfield Mall and Chesterfield Central Park.
“We are very excited about Watermark at Chesterfield Village,” said Josh Purvis, managing partner at Watermark Residential. “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.”