KANSAS CITY, Mo. – October 6, 2020 – Berkadia today announced the $18.3 million in financing secured for Metro Apartments at Bethalto, a garden-style multifamily property in Bethalto, Illinois. Managing Director John J. Schorgl of Berkadia’s Kansas City, Missouri office secured the permanent refinancing on behalf of the borrower, Missouri-based KH Properties. The deal closed on October 1.
The 12-year Fannie Mae loan features a fixed interest rate in the low threes with two years interest-only, a 75 percent loan-to-value ratio and a 30-year amortization schedule.
“This was part of a portfolio of over 1,000 units that the sponsors took to the studs and then leased to over 95 percent occupancy,” said Schorgl. “They are experts in deals needing major rehab.”
Located at 190 Rue Sans Souci, Metro Apartments at Bethalto features one-, two- and three-bedroom floor plans with hardwood-style flooring and air conditioning. Community amenities include a basketball court, a playground, a baseball field and outdoor areas with grilling stations. Residents are afforded convenient access to Watershed Nature Center and Edwardsville Children’s Museum.