ValueXpress obtained a $20,500,000 Commitment from HUD to insure a loan secured by Mansion House Apartments, a 28-story mixed-use apartment complex located on 4th Street in downtown St. Louis, MO. The property contains 416 apartment units, 70,000 square feet of office space and a 558-car parking garage. The property was constructed in 1966. The commitment was obtained for a long-standing ValueXpress client. ValueXpress originally arranged a $12.4-million CMBS conduit loan for the property in 1993 at an interest rate of 8.4% and subsequently arranged a CMBS conduit loan refinance in 1998 for $17.7 million. The 35-year fixed-rate loan is anticipated to close with a interest rate under 5.5%. “The HUD 223(f) loan program provided over $2 million more proceeds than any other competing loan refinance offer,” notes Louis Tallarini, a principal with ValueXpress.
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