- Berkadia Completes Over $11 Million in Sales, Provides Financing for Missouri Multifamily Property
Berkadia announced today the completion of both the brokerage and financing for Victorian Village Apartments, a multifamily property in St. Louis. Senior Directors David Gaines and Alex Blagojevich, Director Michael Sullivan and Associate Director Patrick Sullivan facilitated the $11.3 million sale, alongside Managing Director Aaron Abelson who secured the $7.9 million loan through Freddie Mac on behalf of the buyer, AndMark Investment Fund II, LLC, which is operated by AndMark Management Company, a California LLC. The seller was Mills Properties.
“Through Berkadia’s unified national investment sales platform, we were able to cultivate a pool of highly qualified bidders—the majority of which were not from the local market,” said Gaines. “This sale truly exhibits a broader market trend with assets of this size.”
“As readily available financing and higher potential yields draw new investors to the market, buyer demand continues to outpace supply in the St. Louis area,” noted Patrick Sullivan. “Assets with more than 150 units have had the strongest appeal to investors who are drawn to the Class B/C assets at initial yields that generally start in the low-to-mid-7 percent.”
“We were able to obtain a very attractive Freddie Mac acquisition loan for the buyer – a strong existing client,” added Abelson. “The integrated mortgage banking and investment sales’ capabilities of the team allowed us to deliver competitive terms and close within 45 days of application.”
The loan features a 10-year fixed-rate term of 3.9 percent and a 30-year amortization schedule.
Built in 1984, the 210-unit property offers two- and three-bedroom floor plans that include washer/dryers, storage closets and bay windows. The community features a swimming pool, sauna room, cardio fitness center, clubhouse and business center.
Victorian Village is located at 11969 Continental Drive and within close proximity to State Route 367 and major employers such as BJC Healthcare, Boeing Defense Space & Security, Washington University at St. Louis and Scott Air Force Base. Other nearby attractions include the Lambert-St. Louis International Airport, St. Louis Outlet Mall and NorthPark Business Park. [Multi-Housing News
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