Eugene Harris of Northmarq’s St. Louis Debt + Equity team secured more than $18 million in HUD financing for Southernside Apartments, a 220-unit affordable housing community in O’Fallon, Missouri, part of the Greater St. Louis metropolitan area.
“HUD offered the highest proceeds, which was the borrower’s primary objective,” said Harris. “It was the most effective solution to support the long-term success of this housing community.”
Southernside Apartments offers a blend of affordability and upscale amenities in a rapidly growing St. Charles County submarket. The community features one-, two- and three-bedroom floor plans with 9-foot ceilings, private patios or balconies, fully equipped kitchens, and washer/dryer connections. Select homes offer scenic views of the on-site pond or landscaped grounds.
Residents enjoy access to a suite of resort-style amenities, including a sparkling swimming pool and separate children’s pool, a 24/7 fitness center, game room, business center and Wi-Fi-enabled great room. Additional conveniences include covered parking, walking trails, and proximity to nearby golf courses, parks and retail corridors.
Located just minutes from I-64/US-40, Southernside is well-positioned near top-rated schools and a variety of dining and shopping destinations, making it an attractive option for families and individuals seeking quality affordable housing in the region.
For nearly 60 years, Northmarq has provided debt, equity, and loan servicing to commercial real estate owners and investors through our offices across the U.S. Our investment sales platform offers acquisition and disposition services for multifamily assets in select markets. Find our local market experts at www.northmarq.com/offices. We offer clients the ideal combination of a strong national company capable of attracting a wide range of capital sources, a personalized approach to buying and selling multifamily properties, exceptional knowledge of local markets, and a robust loan servicing operation to manage the life of every loan. With decades of expertise built on strong relationships, employees find that Northmarq is a challenging yet supportive workplace where they are able to advance their career aspirations and future.
