PROJECT OVERVIEW
In December of 2006, Eagle Point purchased the 102-unit Winston Churchill Apartments, an historic apartment building located in the Visitation Park neighborhood of St. Louis, MO. Built in 1927, this 8 story building contains 56 1-bedroom and 46 2-bedroom units. Prior to Eagle Point’s purchase of the building, it was in default on several loans, was barely occupied, had several environmental issues and was on the City of St. Louis’ “Watch List”. Because of the extent of disrepair, the building had to be completely gutted before renovations could begin. Today, with renovations recently completed, the building offers an on-site management office, a community room, a computer lab, a secure storage area, free wireless connections, and off-street parking.

PROJECT FINANCING
Eagle Point financed the acquisition and rehabilitation of Winston Churchill Apartments with tax-exempt bonds issued by the St. Louis Industrial Development Authority, Low Income Housing Tax Credits issued by the Missouri Housing Development Commission (MHDC), and State and Federal Historic Tax Credits, issued by Missouri Department of Economic Development. CharterMac purchased the bonds and all tax credits from MHDC and served as the project lender and equity investor. The project also received a 10 year tax abatement and a soft loan from the City of St. Louis to complete lead abatement, as well as an AHAP soft loan from MHDC. In total, EP raised approximately $20M in debt and equity financing to acquire, renovate and preserve 102 units of historic, affordable housing at Winston Churchill Apartments, allowing nearly $102,000 per unit to be spent in renovations.