Home / Program Offices / Housing / Multifamily / Delmar Divine
Before
[Delmar Divine before]
 
PROPERTY HIGHLIGHTS
  • St. Louis, MO
  • 150 units
  • Market Rate Apartments
ORIGINAL USE
  • Built in 1904 as a hospital
  • St. Lukeā€™s Hospital is on the National Register of Historic Places
YEAR BUILT
  • Anticipated Completion: Fall 2021
FHA ROLE
  • 221(d)(4) financing
HIGHLIGHTS
  • Located in an Opportunity Zone
  • Historic Tax Credits
 
After
[Delmar Divine after]
ADAPTIVE REUSE WITH FHA FINANCING
DELMAR DIVINE
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 cafĆ© 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. Lukeā€™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.
FINANCING STRUCTURE

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 Developerā€™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.
 

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