St. LOUIS – February 9, 2021 – Berkadia today announced the sale of and financing secured for Trilogy Apartments, a 412-unit garden-style multifamily property in St Louis, Missouri. Senior Director Andrea Kendrick and Managing Director Ken Aston of Berkadia’s St. Louis office completed the sale on behalf of the seller, Tennessee-based Freeman Webb. The buyer was California-based FPA Multifamily, LLC, and the deal closed on January 22.
Senior Managing Director Tucker Knight of Berkadia’s Houston office secured a $29.67 bridge loan through TCF Bank on behalf of the buyer for the acquisition of the property. The three-year floating rate loan features a 3.25 percent interest rate on an interest only basis.
“Trilogy is the largest multifamily value-add opportunity in St. Louis and its premier location is the best redevelopment site in the entire region. Trilogy encompasses over 27 acres which represents more than 30% of the neighboring municipality, Clayton’s Central Business District. The city of Clayton, which adjoins Trilogy Apartments, is the most expensive office, retail and residential district in St. Louis,” said Kendrick.
Located at 8650 Kingsbridge Lane, Trilogy Apartments feature one-, two- and three-bedroom floor plans with air conditioning, balconies, large closets and washer and dryer hookups. The pet-friendly community’s amenities include a clubhouse, a TV lounge, a swimming pool, a fitness studio and a cyber cafe. Residents are afforded convenient access to the Inner Belt Expressway and the shops and restaurants along Ladue Road.
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