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 |