ST. LOUIS – Four lenders, including First Community CU, have put up $9.6 million in bridge loans to help finance the $27 million redevelopment of a former Coca-Cola syrup plant in the Carondelet neighborhood in South St. Louis.
The project calls for the renovation of the Coke plant into 77 apartments and 27,000 square feet of office or retail space, as well as the development of nine nearby buildings into 32 apartments and 8,000 square feet of commercial space.
The project is being financed by a HUD-insured first mortgage through the Carpenter’s Union Pension Fund, tax increment financing, federal and state historic tax credits, Missouri Brownfield tax credits, and more than $1.5 million in private non-historic tax credit investor loans and equity. A four-bank consortium is providing $9.6 million in bridge financing: Excel Bank, Truman Bank, First Community CU and Centrue Bank.
