- St. Louis, MO
- 150 units
- Market Rate Apartments
- Built in 1904 as a hospital
- St. Luke’s Hospital is on the National Register of Historic Places
- Anticipated Completion: Fall 2021
- 221(d)(4) financing
- Located in an Opportunity Zone
- Historic Tax Credits
ADAPTIVE REUSE WITH FHA FINANCING
DESCRIPTION OF PROJECT
- This project was designed to be a catalyst of revitalization for the surrounding neighborhood, while also providing a hub for local nonprofit resources and training.
- 150-unit, 8-story apartment building, part of a mixed-use project that includes apartments, offices, a café and a nonprofit collaborative.
- The first phase of the project will include these apartments and the nonprofit working space. Later phases will include office space and services such as early childhood education.
- Funding is through a public-private partnership that includes FHA insurance on the loan, new market and historic tax credits, and donations toward the nonprofit collaborative.
- St. Luke’s Hospital had been vacant for 7 years prior to this project.
- Experienced and well capitalized sponsor, including local business leader Maxine Clark, founder of the worldwide retail chain Build-a-Bear.
Sources of funds include:
- FHA 221(d)(4) Substantial Rehabilitation Loan ($21.5 MM)
- City Tax Abatement for 15 years
- Federal and State Historic Tax Credit Equity
- Bridge Loan
- Deferred Developer’s Fee
Total Construction Cost: Approx. $25.7 MM
Scope of Work includes:
- Renovation and adaption of existing historic buildings
- Unit amenities will include: manufactured stone kitchen countertops, a full kitchen appliance package including microwaves, in-unit washer/dryer, and carpet and vinyl plank flooring.
- After rehabilitation, the building will no longer look like a hospital; rather, it will look like a desirable apartment community.