Financial services company Merchants Capital has secured $71 million in financing for the Wildhorse Development, a market-rate, mixed-use luxury apartment and service retail complex in Chesterfield, Missouri.
The Wildhorse Development features 188 luxury units, a 15,000-square-foot Ruth’s Chris Steakhouse with a rooftop bar and 10,000 square feet of service retail. It is located 25 minutes outside of downtown St. Louis, a region known as an academic and corporate center for the biomedical sciences and home to some of the country’s largest privately held corporations.
Great Lakes Capital finished construction on the asset in April 2021 and has leased it to full occupancy in less than seven months.
With the proceeds from the Merchants Bank of Indiana facilities, Great Lakes Capital paid off its existing construction loan, bought out limited partners from the original development and secured additional interest only for the property prior to the permanent financing takeout.
Great Lakes Capital, a real estate private equity firm, served as the sponsor of the project.
