Total Development Cost
Units of housing
Hours of Union Construction Work Generated
Tax revenue generated
Total economic benefit
The AFL-CIO Housing Investment Trust is helping to finance the new $37.4 million multifamily development, Heartland View Apartments (Heartland). Located outside the heart of St. Louis, the project features 201 units and boasts a campus-like area consisting of seven 3-story buildings on 13 acres of land. Heartland is conveniently situated in a developing neighborhood and is within proximity to many local amenities, schools, hospital, restaurants, and shopping. The project sits adjacent to Heartland Park, which hosts a lake, trails, and golf.
The complex will include a plethora of building amenities, including a business center, game room, theater area, community kitchen with bar seating, large lounge area, and a coffee bar. Outdoor amenities include a pool with nearby grills, pool furniture, fire pit, and an overhang with fans adjacent to a clubhouse with on-site leasing and management. The development also includes 367 parking stalls.
The HIT is providing $32.0 million in financing through the purchase of taxable Ginnie Mae Construction Loan Certificates and a Permanent Loan Certificate issued and serviced by Gershman. Part of the Midwest@Work Initiative, Heartland View Apartments is the 40th project HIT has financed in Missouri.
In addition to creating the union construction jobs and economic benefits shown above, the project will be constructed using energy-efficient and green building practices, and was designed to achieve a Bronze certification under the National Green Building Standard.
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. Data is since inception, current as of September 30, 2022. Economic impact data is in 2022 dollars and all other figures are nominal.
This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.