Railton Residence

The Salvation Army purchased the Railton Residence, located in downtown St. Louis, in 1939. The building then consisted of 220 single room units. The Salvation Army realized today’s need for larger apartments and individual living spaces and, in addition, the building was in need of major repair. This former hotel underwent a “gut” rehabilitation and now consists of 91 one-bedroom units and 13 two-bedroom units, each complete with a full kitchen, living room, bath and separate bedroom.

SLEFI INVESTMENT FUND: St. Louis Equity Fund 2007, L.L.C., St. Louis Equity Fund 2008, L.L.C.
OTHER FUNDING SOURCES:
LOCATION: St. Louis City – Downtown West
NUMBER OF UNITS: 104 (Residential = 104 units, Commercial = 0 units
UNIT MIX: One and Two-Bedroom units
TAX CREDITS TYPE: Low Income Housing and Historic Tax Credits
TOTAL INVESTMENT: $10,006,00
TOTAL DEVELOPMENT COST: $18,991,830
DEVELOPER: The Salvation Army Services, Inc.
PROPERTY MANAGER: McCormack Baron Management
CONSULTANT: Community Program Development Corporation
ARCHITECT: Trivers Associates
CONTRACTOR: Paric Corporation
CONSTRUCTION LENDER: The Salvation Army
PERMANENT LENDER: The Salvation Army
LIMITED PARTNERSHIP: Railton Master Tenant, L.L.C.
GENERAL PARTNER: The Salvation Army Services, Inc.
LIMITED PARTNER: St. Louis Equity Fund 2007, L.L.C., St. Louis Equity Fund 2008 L.L.C.
GENERAL PARTNER: The Salvation Army – Midland Division
ACCOUNTANT: Sabino and Company
ATTORNEY: The Stolar Partnership, L.L.P.
ATTORNEY: Polsinelli, Shalton, Flanigan, & Suelthaus