Hamilton Place Apartments was originally built in 1903 as a hotel for the World's Fair that was held in St. Louis in 1904. In the 1980s the property was converted into its current use as affordable housing and now has 98 units comprised of a mix of 84 one bedroom and 14 two bedroom units. 100% of the units at the property are covered by a project-based HUD Section 8 rental subsidy contract. In 2003, the property participated in HUD's Mark-to-Market Program. Evergreen Partners acquired Hamilton Place Apartments in November 2011 using Freddie Mac Enhanced Tax Exempt Bonds, the assumption of a portion of the existing HUD mark-to-market debt, and equity raised by the sale of 4% federal LIHTC and Federal and State Historic Tax Credits to PNC Real Estate.
Substantial interior and exterior renovations were completed at the property and have made it one of the highest quality rental properties within the community. The pre-existing Section 8 contract was extended to a 20-year term. This long term rental subsidy coupled with our renovations implemented will ensure that Hamilton remains a source of high quality affordable housing serving the community for many years to come.
Hamilton Place Apartments
956 Hamilton Avenue
St. Louis, MO 63112
Phone: (314) 361-5600
Office Hours: 9:00 am-5:00 pm
First Mortgage Financing: New debt financing in form of proceeds raised from the sale of credit enhanced Tax Exempt Bonds issued by the City of St. Louis. Prudential Mortgage Capital Company assisted in the credit enhancement of the bonds through the Freddie Mac Bond Credit Enhancement Program.
Other Key Financing: A portion of the remaining HUD mark-to-market mortgage notes were assumed as part of the transaction. Approval of the assingment of this piece of debt came through HUD's Office of Affordable Housing Preservation (OAHP). A 15-Year Real Estate Tax Abatement was granted to the property by the City of St. Louis to help support the preservation efforts.
Equity Financing: Equity raised through the sale of 4% Federal Low Income Housing Tax Credits and Federal and State Historic Tax Credits to PNC Real Estate.
Section 8 Contract Renewal: yes
Over $3.9 million in total rehabilitation spending includes:
Missouri Housing Development Commission
City of St. Louis
Tax Exempt Bonds
St. Louis Industrial Development Authority
Bond Placement Agent
Prudential Mortgage Capital
PNC Real Estate
Thompson Coburn LLP