NorthMarq Funds $22M Construction Loan for Market-Rate Edwardsville, IL, Multifamily
The transaction was structured with a seven-year term, with 30 months of interest-only (during construction) followed by a 30-year amortization schedule.
EDWARDSVILLE, IL—NorthMarq’s St. Louis-based regional office arranged a $21.9 million construction loan for Whispering Heights, a class A, market-rate multifamily project with 153 residential units and 18,700 square feet of retail space at Illinois Route 157 and Enclave Boulevard in Edwardsville, IL.
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.
David Garfinkel, senior vice president/managing director, Northmarq, handled the transaction.
“Edwardsville is a prime and growing market with this project being a perfect fit and filling a need. Working with David and the Whispering Heights team made for a smooth closing,” says Zach Lammers, vice president of commercial banking, Illinois National Bank.
The property, representing the city’s newest construction, will 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 is near downtown Edwardsville and is adjacent to the Madison County Transit Bike Trail.
“This is the first project like it in the Edwardsville market in many years,” says Garfinkel. “Illinois National Bank has made a recent push in the Metro East and St. Louis market and did a great job in closing the transaction.”