David Garfinkel, senior vice president/managing director of NorthMarq’s St. Louis-based regional office, finalized the $21.8 million construction loan for Whispering Heights, a Class-A market-rate mixed-use property of 153 residential units and 18,700 square feet of retail space at Illinois Route 157 and Enclave Boulevard in Edwardsville, Illinois.
The transaction was structured with a seven-year term with 30 months of interest-only (during construction) followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Illinois National Bank. The property is being built in front of The Enclave, a student housing development in Edwardsville.
The property will officially be the tallest building in Edwardsville. The property features include upscale and modern finishes, private garage parking, a state-of-the-art fitness complex and rooftop terraces. Whispering Heights benefits from close proximity to downtown Edwardsville and is adjacent to the Madison County Transit Bike Trail.