Minerva Place Apartments

Minerva Place Apartments was originally built circa 1910 as a gymnasium for the Principia School formerly located on the parcel adjacent to the property. The building operated as a gymnasium until 1982 when it was converted into its current use as affordable rental housing. The property now has 56 units comprised of a mix of 50 one bedroom and 6 two bedroom units. 100% of the units at the property are covered by a project-based HUD Section 8 rental subsidy contract. In 2004, the property participated in HUD's Mark-to-Market Program. Evergreen Partners acquired Minerva Place Apartments in June 2012 using a combination of the proceeds raised from the sale of Freddie Mac Enhanced Tax Exempt Bonds, the assumption of a portion of the existing HUD mark-to-market debt and equity raised the sale of 4% Federal and State LIHTC and Federal and State Historic Tax Credits to PNC Real Estate.

The property has undergone substantial interior and exterior renovations, the result of which have made it one of the highest quality rental properties within the community. Additionally, HUD's St. Louis office has extended the existing Section 8 contract to a new 20-year term. This long term rental subsidy coupled with our renovation plan for the property will ensure that Minerva Place remains a source of high quality affordable housing serving the community for many years to come.

Minerva Place Apartments
1342 Montclaire Avenue
St. Louis, MO 63112
Phone: (314) 367-7800

Preservation Transaction Description

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 assignment 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 and State Low Income Housing Tax Credits and Federal and State Historic Tax Credits to PNC Real Estate.

Section 8 Contract Renewal: yes

Property Rehabilitation Scope

Over $2.240 million in total rehabilitation was completed at Minerva Place Apartments including:

New Kitchen cabinets, countertops, fixtures and appliances
New bathroom vanity, fixtures and lavatory
New flooring throughout the units and common space
New high efficiency HVAC system and water heaters in each unit
New windows, exterior brick repair and roofing
New security cameras/monitoring center and site lighting
New Community Room with internet enabled computer work stations and a TV sitting area