The Fountains of Ellisville is the construction of a four-story, 69-unit expansion of an existing 160-unit senior apartment community built in 2004. It is located in Ellisville, MO in St. Louis County. When completed, the Fountains will feature a total of 229 market-rate apartment units along with 298 parking spaces in an adjacent parking garage. The unit amenities will include patios/balconies, stainless steel appliances, walk-in closets, and washers and dryers. Building amenities will include 24-hour concierge service, cultural events and programs, activity rooms, a on-site beauty salon and barber services, a library/business center, and a fitness center.
The HIT is purchasing $17.5 million of taxable Ginnie Mae construction loan certificates and a permanent loan certificate from Greystone Funding Corporation to help finance this $18.2 million expansion. It will be backed by a supplemental mortgage loan insured under Section 241(a) of the National Housing Act. The project will be built with a 100% union labor workforce, with ARCO Construction Company, Inc. as the general contractor. The project sponsor is The Fountains of Ellisville, L.L.C.
Based on pent-up demand and a projected increase in the senior population in the area over the next three years, the development of this project aligns with the needs of the rental market. Residents of the Fountains will have access to restaurants, groceries, and day-time and nightlife activities all within a one mile radius of the property. Two public bus lines are located directly outside the Fountains.
The project is expected to generate approximately 175,000 hours of union construction work.
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 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.