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ST. LOUIS-A seven-story commercial building will be converted into the 213-unit luxury multifamily rental Merchandise Mart Apartments now that developers have obtained a $37.5-million financing package. Charter Municipal Mortgage Acceptance Co. is buying $25 million worth of tax-exempt bonds issued by the city’s Industrial Development Authority while Related Capital Co. is adding $12.5 million in equity.

The latter portion of the deal also involves Bank of America, which is buying federal historic and low-income tax credits from Related Capital. CharterMac is an affiliate of Related Capital. The Merchandise Mart is being developed by Historic Restoration, Inc., based here and in New Orleans.

“HRI is excited about doing more projects along Washington Avenue to create a 24-hour neighborhood around the Merchandise Mart Apartments and the Renaissance headquarters hotel property,” says Ron Silverman of Historic Restorations.

Plans call for nearly 1,000 new apartment and loft units to be added in a Downtown area that used to be home to warehouses and garment factories.

“The renovation and reuse of this historic structure will create a meaningful anchor for the revitalization of St. Louis’ Downtown district,” says CharterMac managing director Stuart Boesky. Adds Related Capital Co. managing director Marc Schnitzer, “This project has allowed us to restore a landmark in St. Louis as well as add more than 200 units of affordable and luxury housing to the Downtown.”

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