US$ 23.5M construction loan has been secured for for the construction of a mixed-use development dubbed The Terraces at Wildhorse Village in Chesterfield, Missouri. Pier Property Group secured the loan for the project which will be developed on a 80-acre piece of land.
The US$ 500M development will include 70 Class A luxury townhomes. The townhomes will all have two-car garages and three bedrooms spread across 2,250 square feet. It is anticipated that work would start later this summer and be finished in about a year.
Features and amenities
The townhomes for The Terraces at Wildhorse Village will feature stainless steel appliances, glass shower doors, quartz countertops, and custom flooring. There will be an internal courtyard, a resort-style pool, a deck with grilling stations and firepits, and a fitness centre. Additionally, there will be a dog park, a dog spa, a business centre, resident lounges, and bike storage. Furthermore, a 400-space parking structure will feature for these multifamily complexes.
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This is the fourth construction credit that Northmarq has obtained through several bank lenders for PPG, a well-known multifamily developer in the St. Louis region. The sum of these loans exceeds $125 million.
Commentary on The Terraces at Wildhorse Village project
David Garfinkel, senior vice president/managing director of Northmarq’s St. Louis-based regional office commented on the project. He said “We are thrilled to collaborate with PPG’s owner, Michael Hamburg, on the construction finance of this excellent facility in a fantastic Chesterfield location.
Mr. Hamburg recognizes the advantages of cooperating with Northmarq on the lending side of construction. Whether it was lower interest rates, greater interest-only payments, or larger loan proceeds. We have assisted him in many ways to obtain better bargains in these transactions. INB is also a fantastic lender with a simple procedure.
Prior to the Treasuries’ surge, we were able to lock in rates for PPG, and INB held the rate through commitment. A five-year fixed-rate loan that was quite appealing was made available to us. If feasible, Mr. Hamburg prefers to fix his rate in order to remove any risk from the transaction. This is an outstanding repeat lender/borrower relationship.”
