Dealmaker: Merchants Capital Secures $71M for Missouri Mixed-Use Property

Merchants Capital, Carmel, Ind., secured $71 million for Wildhorse, a market-rate mixed-use apartment and retail development in Chesterfield, Mo.

The Class A Wildhorse development includes 188 apartments, a 15,000-square-foot Ruth’s Chris Steakhouse and 10,000 square feet of service retail 25 minutes outside of downtown St. Louis. Project sponsor Great Lakes Capital, South Bend, Ind., finished construction in April and leased the asset to capacity in less than seven months.

Great Lakes Capital used the loan proceeds to pay off its existing construction loan, buy out limited partners from the original development and secure additional interest-only funds for the property prior to the permanent financing takeout.

Merchants Capital Vice President of Originations Brian Shelbourne led the firm’s team that arranged the financing.

Wildhorse occupies the intersection of Interstate 64 and Wildhorse Creek Road. The median household income within a three-mile radius exceeds $160,000.