Rendering of Whispering Heights, Edwardsville, IL
EDWARDSVILLE, IL—NorthMarq's St. Louis-based regional office arranged a $21.9 million construction loan for Whispering Heights, a class A, market-rate multifamily project with 153 residential units and 18,700 square feet of retail space at Illinois Route 157 and Enclave Boulevard in Edwardsville, IL.
The transaction was structured with a seven-year term, with 30 months of interest-only (during construction) followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Illinois National Bank. The property is being built in front of The Enclave, a student housing development in Edwardsville.
David Garfinkel, senior vice president/managing director, Northmarq, handled the transaction.
“Edwardsville is a prime and growing market with this project being a perfect fit and filling a need. Working with David and the Whispering Heights team made for a smooth closing,” says Zach Lammers, vice president of commercial banking, Illinois National Bank.
The property, representing the city's newest construction, will be the tallest building in Edwardsville. The property features include: upscale and modern finishes, private garage parking, a state-of-the-art fitness complex and rooftop terraces. Whispering Heights is near downtown Edwardsville and is adjacent to the Madison County Transit Bike Trail.
“This is the first project like it in the Edwardsville market in many years,” says Garfinkel. “Illinois National Bank has made a recent push in the Metro East and St. Louis market and did a great job in closing the transaction.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
