Senior bridge loan · Multifamily value-add · St. Louis MSA
Villages at Lake SilverCote
100 Dry Brook Rd, Wentzville, MO 63385
Husky Capital is asking for a $56.0M floating-rate bridge loan: $51.0M at closing toward the $73.5M purchase, plus $5.0M of future funding to renovate the 152 classic units. Team Keystone recommends approval at the same proceeds with stronger protections: a $500K interest reserve, a 3.0% SOFR floor and 4.5% cap, a cash sweep below 1.25x DSCR, a 100% completion guarantee and a 10% maturity guarantee.
381 units32 bldgs · 2-storyBuilt 2014–181,190 avg SF84% 2 & 3-BR93% occupied
Loan (fully funded)
$56.0M
$51.0M Day 1 + $5.0M CapEx · $147.0K/unit
Fully funded LTC
69.8%
on $80.28M total project cost
Year 1 DSCR
1.02x
tight · 15% renovation vacancy
Stabilized DSCR
1.38x
Year 3 · $4.87M underwritten NOI
Going-in debt yield
6.75%
T-12 NOI $4.11M on $51.0M Day 1
Stabilized debt yield
8.70%
vs. 7.5% covenant
Stabilized LTV
69.0%
$81.19M value at 6.0% exit cap
Levered gross IRR
11.70%
with fees · 10.69% without · 1.62x MOIC
Sponsor request vs. Rialto offer
| Term | Sponsor request | Rialto proposed |
|---|---|---|
| Loan amount | $56.0M | $56.0M |
| Term | 36 months | 36 mo + two 12-mo extensions |
| Interest reserve | $250K | $500K |
| Rate | SOFR + 300 bps | SOFR + 300 · 3.0% floor / 4.5% cap |
| Cash management | — | Sweep < 1.25x DSCR · 7.5% DY covenant |
| Guarantees | — | 100% completion · 10% maturity (~$5.6M) |
| Extension tests | — | 1.10x / 1.20x DSCR · 75% / 70% LTV |
Base-case operating pro forma ($000s)
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Potential gross income | 7,059.4 | 7,627.3 | 7,996.9 |
| Vacancy (15% / 10% / 5%) | (1,058.9) | (762.7) | (399.8) |
| Effective gross income | 6,168.2 | 7,045.8 | 7,793.2 |
| Total operating expenses | 2,724.4 | 2,824.0 | 2,922.0 |
| Net operating income | 3,443.8 | 4,221.7 | 4,871.3 |
Sources: Wentzville_Multifamily.xlsm (Overview, Rent Comps, Sales Comps, Lease Up & Reno) and the Team Keystone deck. Cost, LTC and reserve figures reflect the proposed $500K reserve. The model's original structure shows $80.03M total cost and 70.0% LTC.
