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
Villages at Lake SilverCote: two-story buildings behind a landscaped pond with fountain
Cover photo from the Team Keystone deck.
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

TermSponsor requestRialto proposed
Loan amount$56.0M$56.0M
Term36 months36 mo + two 12-mo extensions
Interest reserve$250K$500K
RateSOFR + 300 bpsSOFR + 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 1Year 2Year 3
Potential gross income7,059.47,627.37,996.9
Vacancy (15% / 10% / 5%)(1,058.9)(762.7)(399.8)
Effective gross income6,168.27,045.87,793.2
Total operating expenses2,724.42,824.02,922.0
Net operating income3,443.84,221.74,871.3

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.

The deck

Live from Canva, so it always shows the latest version. Click inside to page through, or open it full-screen in Canva.

[Team Keystone] Fall '26 Rialto Capital Private Credit Internship · 21 slides Open in Canva ↗

Rent comparables

Six newer comps within about 5 miles average $1.59/SF effective, against $1.24/SF in place at SilverCote. Underwriting marks units to $1,641 (+11%), which is below the sponsor's $1,676.

Effective rent per SF

Source: CoStar (Feb 2026) and Northmarq OM, as presented in the deck. Grand Central reflects OM market rents. Hearthstone is in initial lease-up (47.8% occupied). Ring distances are straight-line. The model's Rent Comps tab also includes The Solstice and The Waterways (as of 12/5/25).

Sales comparables

Seven St. Charles County trades from 2022–25 average $210.9K/unit. The loan basis is $133.9K/unit on Day 1 and $147.0K/unit fully funded, about 30% below the comp average.

Price per unit vs. loan basis

Source: deck slide "Valuation Support: Sales Comps" and the model's Sales Comps tab. The Solstice pin is approximate (Lake Saint Louis, near The Meadows); its exact address isn't in public map data.

Before & after

What the $5.0M business plan changes, from acquisition to stabilization. Drag the month slider to follow the 16-units-per-month renovation pace; the 3D model below moves with it.

Month M0
0 of 381 units marked to market

3D site model

Drag to orbit, scroll to zoom. Buildings turn green as units are marked to market. Hover a building to see its units.

Month 00 / 381units at market rent
ClassicRenovatedTownhome w/ garage
Month M0
Illustrative massing. The street network (Dry Brook, Dry Creek and Dry River Roads) and the US-61 / Avenue of the Saints alignment come from OpenStreetMap (St. Charles County GIS). Building positions are approximated along those drives: 32 two-story buildings, 381 units, 45 townhomes with attached garages, plus clubhouse, pool and pond. Renovation order is illustrative. The pace follows the model (16 units/month, fully marked to market by month 24).