ST. LOUIS, MO (February 2025) – LEDG Capital, a private company dedicated to the preservation and creation of affordable housing, today announced it has commenced a $5.5-million renovation to modernize the Ridge Crest Apartments, an 84-unit affordable housing community in the city’s Marine Villa neighborhood.
The terms of LEDG’s acquisition of the property will preserve the apartments at Ridge Crest as affordable housing for the next 30 years, meaning that rent and income restrictions will continue based on federal thresholds.
The company’s 12-month renovation effort will update all apartments at the 60-year-old community, address the capital needs of its three buildings, improve amenities for residents, and strengthen security at the property. In addition, the project will continue to support an ongoing program of supportive services, after-school enrichment and community events.
“We’re pleased to have had the opportunity to protect the long-term affordability of this community at a time so many households in the St. Louis area are struggling with high rent burdens,” said Matthew Kassel, senior director of development for LEDG Capital. “The much-needed capital improvements will improve the quality of life for residents, thanks to strong support from the Missouri Housing Development Commission, the City of St. Louis, and the Industrial Development Authority of the City of St. Louis.”
The Industrial Development Authority of the City of St. Louis provided private activity bonds to support the renovation effort, while the Missouri Housing Development Commission approved Low-Income Housing Tax Credits, and the U.S. Department of Housing & Urban Development approved a new Project-Based Section 8 contract.
Citibank, N.A., served as the primary lender for the project. “We are excited to be a financing partner to LEDG Capital as they preserve affordability for the tenants at Ridge Crest Apartments,” said Selina Mendoza, Vice President, Citi Community Capital. “We provided construction and permanent phase financing, facilitating a renovation that will benefit the community at Ridge Crest Apartments.”
Walker & Dunlop, Inc., served as the equity partner in the transaction. “This financing marks a key step in our mission to support inclusive and sustainable communities,” said Jennifer Erixon, senior managing director of Affordable Housing at Walker & Dunlop. “Ridge Crest Apartments is a true reflection of our dedication to offer affordable housing solutions that improve residents’ quality of life while boosting the economic vitality of underserved areas. We are grateful for our continued partnership with the LEDG Capital team and look forward to this revitalized community continuing to serve for many years ahead.”
Interior scope upgrades will include new cabinets and countertops, vinyl plank flooring, kitchen and bathroom fixtures, appliances, interior paint, new HVAC and water heating systems, new LED lighting fixtures, and mobility upgrades to five units.
The exterior scope of work will include reroofing all buildings; replacing gutters and downspouts; repairing siding and brick façade; repairing aging water and waste lines; repainting of building exteriors; improve and repairing landscaping and parking lots; upgrading security cameras, vehicle gates and fencing; installing a new playground; and improving handicapped accessibility.
The start of work at Ridge Crest comes as LEDG Capital approaches the halfway mark in its $15 million renovation effort at another St. Louis multifamily property – Aboussie Pavilion Apartments, a 273-apartment, low-income, senior housing community that is the largest Section 8 location in the city.
The Aboussie Pavilion project, which began in January 2024, is following a similar scope of work for renovations, preserving the community’s rent and income restrictions for 30 years, and converting numerous apartments to make them accessible to seniors with disabilities and limited mobility.
Property management at Ridge Crest will be overseen by WinnResidential, the award-winning property management arm of WinnCompanies, one of the nation’s largest operators of affordable housing.
Langerman Construction, a full-service general contracting company specializing in multifamily property renovations, is serving as general contractor for the work, using plans from Benton Design Group, an architectural firm based in St. Charles, MO. A significant portion of the subcontracting work will be awarded to local Minority and Women-Owned Business Enterprises.
