KANSAS CITY, Mo. – August 17, 2021 – Berkadia announced today the financing secured for Metro Apartments at Granite City, a 290-unit garden-style multifamily property in Granite City, Illinois. Managing Director John J. Schorgl of Berkadia Kansas City secured $20 million in permanent refinancing on behalf of the borrower, Missouri-based KH Properties. The deal closed on August 13.
The 10-year Fannie Mae loan features three years interest only and a rate in the low three percent range.
“This is the last property in a portfolio of over 1,000 units that the sponsors took to the studs and then leased to over 95 percent occupancy,” said Schorgl. “They are experts in deals needing major rehab.”
Located at 4078 Kathy Drive, Metro Apartments at Granite City features fully renovated one- and two-bedroom floor plans with washer and dryer hookups. Community amenities include hardwood-style floors, updated kitchen and bathrooms and high-speed internet. Residents are afforded convenient access to Interstates 255 and 270, leading directly to downtown St. Louis, Southern Illinois University Edwardsville (SIUE) and more.