In St. Louis, Oaktree Lends $58M for Luxury Refi
This article was published on Multi Housing News on October 2, 2025.
Oaktree Capital Management provided financing to the developers of One Foundry Way, a property within the City Foundry mixed-use campus. Image courtesy of Cushman & Wakefield
A joint venture between developers New + Found and Battery Global Advisors has secured $57.7 million in financing from Oaktree Capital Management to refinance One Foundry Way, a 270-unit luxury multifamily building in Midtown St. Louis’s City Foundry District.
Located at 3835 Foundry Way, the mixed-use property was delivered in September 2024 and is in the initial stages of lease-up. The developers began construction of the multifamily phase of the 15-acre City Foundry mixed-use campus in October 2023.
In December 2021, the project received two construction loans. The smaller one was for approximately $4.3 million from Southern Illinois Bank and a $72.2 million loan was originated by Bank OZK, according to Yardi Research Data.
Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the development joint venture in the financing transaction with Oaktree Capital Management. The team was led by Vice Chair Jeff Altenau and Managing Director Zach Yarnoff.
The property’s quality, amenities and location in the Midtown submarket were among the reasons why the asset received multiple competitive bids from lenders, according to Cushman & Wakefield.
Property highlights
One Foundry Way has a mix of studio, one-bedroom, two-bedroom and three-bedroom floorplans ranging in size from 363 to 1,547 square feet, with an average of 529 square feet. Rents range from $1,312 to $4,557, with an average of $1,806, according to Yardi Research Data.
The 14-story building has 13,000 square feet of ground-floor retail as well as parking on the first through sixth floors. The residences occupy floors 7 through 14. The property has a total of 481 parking spaces.
The apartments feature floor-to-ceiling windows with city views, two-tone cabinetry, plank flooring, designer lighting, quartz countertops, digital locks, high-speed Internet access and washers and dryers.
Amenities include a fitness center, pool with spa and sun deck, covered and heated pet park, coworking and private meeting rooms, a chef-inspired community kitchen with an open seating fireplace and dining area and a garden terrace.
Shopping, dining and entertainment options
Residents of One Foundry Way have easy access to the shopping, dining and entertainment offerings at City Foundry. The widely acclaimed adaptive reuse project redeveloped a 15-acre, 100-year-old former foundry where Century Electric Co. once manufactured motors and generators. The $335 million mixed-use redevelopment is home to an expansive food hall featuring 20 chef-driven concepts curated by a James Beard Award-winning chef. Other retailers, restaurants and entertainment options include Fresh Thyme Public Market, Puttshack, City Winery and Alamo Drafthouse.
The property is also close to St. Louis University, Washington University and the Cortex Innovation District as well as other major employment and R&D hubs and cultural and leisure amenities. One Foundry Way also has proximity to primary transit modes and arteries and is 3 miles west of the city’s riverfront.
Strong multifamily market
The St. Louis multifamily market was poised for growth at the end of the first quarter of 2025 with average advertised asking rents increasing 0.2 percent on a trailing three-month basis through March, according to Yardi Research Data. The May report noted the multifamily sector recorded its 11th straight quarter of positive demand in Q1, closing the quarter with 302 units of positive absorption.
New inventory has been delivered throughout the region with more than 2,500 units coming online annually for the past three years. Since the first quarter of 2022, St. Louis delivered more than 10,600 new units, resulting in an 8.6 percent increase in overall inventory.
Earlier this year, Subtext began vertical construction on LOCAL on Delmar, a five-story, 259-unit property located near Washington University in University City, Mo. The mixed-use asset is slated for completion in the summer of 2026. The 398,225-square-foot building will offer one-, two- and three-bedroom floorplans and about 7,000 square feet of street-level retail.