David Garfinkel, senior vice president/managing director of Northmarq’s St. Louis-based regional office, negotiated a $23.5 million construction loan for the Terraces at Wildhorse Village, a 70-unit, Class-A, luxury townhome development in Chesterfield, Missouri.
The project is part of Wildhorse Village, a $500 million, 80-acre mixed-use development.
Northmarq arranged the financing for the borrower/developer, St. Louis-based Pier Property Group, through its longstanding relationship with regional bank INB. This is the fourth construction loan that Northmarq has secured for PPG, a prolific multifamily developer in the St. Louis market, through multiple bank lenders. These loans have totaled more than $125 million.
The Terraces at Wildhorse Village will be 70 units of connected, rental brownstone townhomes with two-car tucked-under garages. The project is the “build-to-rent” prototype and will feature three-bedroom, three-and-a-half bath units that are all a spacious 2,250 square feet.
Build-to-rent is a unique product for St. Louis.
The townhomes will feature quartz countertops, stainless steel appliances, glass shower doors, and custom flooring. The development is scheduled to break ground later this summer and be completed in approximately 12 months.
The Terraces at Wildhorse Village will be located immediately adjacent to the Flats at Wildhorse Village, PPG’s four-story, 266-unit, luxury apartment development that is under construction and slated for completion in fall 2023.
Community amenities for these multifamily developments will include an interior courtyard, resort-style pool, deck with grilling stations, firepits, fitness center, dog park, dog spa, business center, resident lounges, bike storage, and a 400-space parking structure.
The Wildhorse Village property is conveniently located in the thriving suburb of Chesterfield and offers easy access to Interstate 64. Chesterfield is located 25 minutes west of downtown St. Louis.
