Emerald Capital Arranges $6M in Financing for Development of Office, Retail Building in St. Louis

by Kristin Harlow

ST. LOUIS — Emerald Capital Strategic Advisors, an affiliate of Green Street Real Estate Ventures, has arranged financing for Elevation, an office and retail development in St. Louis. Funding includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing. Matt Drinen and Luke Pope of Emerald Capital sourced and closed debt financing with Chicago-based IFF as well as Elm Tree Unity Debt Fund. St. Louis Development Corp. provided a $6 million allocation in NMTC, and US Bank was the NMTC investor. Kingsway Development is the project developer.

Elevation will be situated at 4731 Delmar Blvd. within the Fountain Park neighborhood. The project serves as the first development within the planned 207-acre Kingsway District. Elevation will include 5,000 square feet of street-level retail space for Jamba Juice, UPS and The Original Hot Dog Factory, as well as 12,500 square feet of second-floor office space for the Ethical Society of Police and Park Central Development Corp. Simms Building Group is the general contractor and CASCO is the architect. Construction is scheduled to begin this month, with completion slated for January 2023.

You may also like