Jefferson Arms Building
StackSource recently arranged financing for the redevelopment of the historic Jefferson Arms Building, located in downtown St. Louis, Missouri. The financing comprises of senior debt, PACE financing, tax increment financing (“TIF”), Historic tax credit bridge debt, and state historic tax credits. StackSource also worked closely with the sponsorship team and their relationships to secure federal tax credits.
The Sponsor plans to redevelop the historic property into a mixed-use development comprising 235 apartments, 225 hotel rooms, and 29,000 square feet of retail space. The apartments include studio, 1 bed / 1 bath, and 2 bed / 2 bath units, all to be rented at market rate. The apartments and retail portion will be completed in the first phase, while the hotel rooms, to be branded an AC Hotel by Marriott, will be delivered in Phase II of the project.