JLL Capital Markets announced that it has arranged a $47 million loan to refinance Marlowe, a newly built, 205-unit, Class A multihousing community located in the Central West End neighborhood of St. Louis, Missouri.
JLL worked on behalf of the borrower, Keeley Properties, to secure the four-year, fixed-rate loan through an Insurance Company. Sound Mark Partners provided preferred equity for the transaction.
Completed in 2022, Marlowe features studio, one- and two-bedroom units featuring modern kitchens with a center island, GE Energy-Star kitchen appliances and washers/dryers, quartz countertops, luxury plank flooring and high-performance solar window shades. The community amenities include a pool and sundeck; lawn with putting green, firepits and hammocks; 1,600-square-foot “bark park” and pet spa; flex workspaces; fitness studio; and more.
Marlowe is located at 4545 Laclede Ave. within Central West End, well-known for its quaint sidewalk cafes, high-end restaurants and numerous dining, shopping and entertainment options, all adjacent to the Barnes-Jewish Hospital/Washington University medical district. Marlowe is a short walk from Maryland Plaza, St. Louis’ premier outdoor shopping and dining destination, and one block from Forest Park, the 1,300-acre anchor to St. Louis Metro, complete with two golf courses, city museums and cultural amenities and myriad outdoor activity areas. The Marlowe’s prime location is substantiated by the 30,000 medical-related jobs provided by Barnes, St. Louis’ largest employer.
The JLL Capital Markets Advisory team was led by Senior Managing Director Danny Kaufman, Directors Philip Galligan and Mary Dooley and Associate Rebecca Brielmaier.
“There remains significant depth of interest across all lender categories for multi-housing refinances. The new insurance company financing has enabled the sponsorship team to lower their cost of capital at a fixed rate over a four-year term,” said Dooley.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.