LEDG Capital has recently begun a $5.5 million renovation project to modernize the Ridge Crest Apartments, an 84-unit affordable housing complex located in the Marine Villa neighborhood of St. Louis.
The Industrial Development Authority of the City of St. Louis provided private activity bonds to support this renovation effort, while the Missouri Housing Development Commission approved Low-Income Housing Tax Credits. Citibank served as the primary lender for this project and Walker & Dunlop acted as an equity partner in the transaction.
This renovation will bring updates to all three buildings within this 60-year-old community, addressing any necessary capital needs and improving amenities for residents while also enhancing security measures on-site. The property management at Ridge Crest will be overseen by WinnResidential, with Langerman Construction serving as general contractor using plans from Benton Design Group.
Matthew Kassel, senior director of development at LEDG Capital stated that they are proud to have had a hand in preserving long-term affordability for this community during a time when many households in St.Louis are facing high rent burdens.
In summary: LEDG Capital is currently renovating their newly acquired property – Ridge Crest Apartments – through a $5.5 million investment supported by private activity bonds from IDA-St.Louis and Low-Income Housing Tax Credits from MHDC with Citibank acting as primary lender and Walker & Dunlop providing equity partnership services.The renovations aim to update all three buildings within this 60-year-old affordable housing complex located in Marine Villa neighborhood while also improving resident amenities and strengthening security measures on-site.WinnResidential will oversee property management duties with Langerman Construction serving as general contractor using designs from Benton Design Group.Matthew Kassel expressed pride over being able protect long-term affordability amidst rising rent burdens faced by many households across St.Louis area.
