JLL Capital Markets announced that it has arranged a $27.5 million refinancing of Promenade at New Town*, a 225-unit multihousing community in the St. Louis-area community of St. Charles, Missouri.
JLL represented Gold Block Ventures in arranging a 10-year, 3.15-percent, fixed-rate, full-term, interest-only loan with a national conduit lender.
Promenade at New Town is an existing 225-unit multi-housing project located on 80 separate land parcels and comprising 95 residential buildings with a combination of townhomes, garden-style apartments, row homes and single-family residences ranging from studio, one, two and three bedrooms and 3,100 square feet of retail space. The community offers tenants a diverse unit mix and unparalleled community amenities, including an outdoor amphitheater, coffee shops, bars and restaurants, fitness center, boutique shops, two aquatic centers, an organic farm and a real-sand beach. Community activities include concerts, movie nights, sand volleyball leagues, bocce ball, fishing, boating and more.
Located at 3301 #1 Domain St., Promenade at New Town is just 20 miles northwest of downtown St. Louis in the popular and walkable 700-acre New Town at St. Charles* master-planned community. St. Louis is listed as one of the five up-and-coming tech spots, ranked second in rising cities for startups and is the third largest inland port system in the country, helping to create its diverse and growing economy. Residents at Promenade at New Town have convenient access to St Louis’ top employers, including 14 Fortune 1000 companies.
The JLL Capital Markets debt and equity team that represented Gold Block Ventures was led by Senior Director Kristian Lichtenfels and Director Lucas Borges.
“Because of its diverse and noncontiguous nature, our Promenade at New Town asset was not a fit for many of the plug-and-play multi-housing permanent debt options,” said Adam Goldberg, President/Principal of Gold Block Ventures. “JLL effectively navigated the diverse capital markets space to source competitive debt options with attractive terms and provided sound guidance through the somewhat complex transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
*The names ‘New Town’ and ‘The New Town at St. Charles’ are trademarks owned by NTHB (with whom we are not affiliated) and are used solely with the express permission of NTHB and may not be used or reprinted without the express written permission of NTHB.