$47M financing arranged for newly built St. Louis apartment building
JLL Capital Markets secured financing for the Marlowe, a 205-unit newly built apartment community, located in the Central West End neighborhood of St. Louis, Missouri
CHICAGO, August 7, 2023 – JLL Capital Markets announced today that it has arranged a $47 million loan to refinance Marlowe, a newly built, 205-unit, Class A multi-housing 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.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Keeley Properties
Keeley Properties is a real estate investment, development, and management firm with a legacy of $1+ billion initiatives within 6.5+ million square feet. Their integrated real estate platform improves communities through the built environment and their focus on the customer experience. With a proven track record from predevelopment through stabilization and asset management, their team has expertise in financing, planning and site selection, brokerage, legal, acquisition, zoning, onboarding, and property management. Keeley Properties has an informed understanding of multiple industry segments including multi-housing, mixed use, retail, office, industrial, hospitality and services, as well as asset types including build-to-suit, speculative, ground-up, historic rehab, and adaptive reuse developments. Keeley Properties is powered by their culture of INVESTMENT WITH INTENT. They invest in people and real estate to build relationships and activate communities. Keeley Properties is powered by Keeley Companies, a family-owned enterprise of companies building communities across the country. One single source for investment, development, management, construction, and restoration.