SLEFI Closes on Three Investments in 4th Quarter 2014
St. Louis Equity Fund closed on Pine Lawn Senior Apartments, Cottages at Cathedral Square, and DeSales Impact 2014 in the fourth quarter of 2014. Pine Lawn Senior Apartments closed on October 10, 2014, and will consist of 53 units in a newly constructed multifamily building in the City of Pine Lawn. The unit mix will consist of 45 one-bedroom units and 8 two-bedroom units, all of which will be rent-restricted to senior residents aged 55 or older with income at or below 60% of the area median income. This development is part of an overall effort aimed at stabilizing the housing stock in Pine Lawn, one of the municipalities in the Vision 24:1 Community Building Initiative. This is the 18th partnership between SLEFI and Beyond Housing.
Cottages at Cathedral Square is a new community that will provide affordable rental housing with supportive services for seniors in the Belleville, Illinois area. The development closed on October 31, 2014, and will consist of the construction of 32 affordable apartments, half of which will be one-bedroom garden-style and the remaining will be two-bedroom units. Common space will include a barber shop, a health screening/examination room, a large community room, a fitness center, gardening areas, patios and BBQ grills. Cottages at Cathedral Square represents the first partnership between Metropolitan Housing Development Corporation, Touchette Regional Hospital, Inc., and SLEFI.
DeSales Impact 2014 closed on December 23, 2014, and will consist of 36 scattered site apartment and townhouse units in 14 buildings in the Fox Park, Benton Park West, and Carondelet neighborhoods located in south St. Louis City. All of the units will be rent restricted to households at or below 60% of the area median income. DeSales Community Housing Corporation serves as the Developer and General Partner and this development represents the fifth partnership between SLEFI and DeSales.