Emerald Capital secures $6Million in New Market Tax Credits for Kingsway Development

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Emerald Capital Strategic Advisors (“Emerald Capital”), a Green Street Real Estate Ventures affiliate, successfully closed on financing for Elevation, a $6 million mixed-use development located within Kevin Bryant’s Kingsway District. Funding for the project includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing.

Emerald Capital principals Matt Drinen and Luke Pope sourced and closed debt financing with IFF and Elm Tree Unity Debt Fund to support the catalytic project. St. Louis Development Corporation (SLDC) provided $6 million in NMTC Allocation and US Bank was the NMTC Investor.

“Emerald was excited to be a partner with Kevin and Kingsway Development on this transformative project to bring opportunities to the north side of Delmar that have historically been cut out from these types of projects and opportunities,” said Drinen. “This type of project is why Emerald was created; to bring financing and incentives to areas and projects that have, historically, had a tough time attracting. We are looking forward to supporting Kingsway’s future endeavors.”

Elevation is located at 4731 Delmar Blvd within the Fountain Park neighborhood and kicks off Bryant’s 207-acre master-planned Kingsway District. The Elevation project will include approximately 5,000 SF of street level retail for Jamba Juice, a UPS store, and Atlanta-based The Original Hot Dog Factory, as well as approximately 12,500 SF of second floor office space to include the Ethical Society of Police and Park Central Development Corporation. The project will create an estimated 106 full time jobs.

“This deal could not have been nurtured, matured and finally executed without the expertise of Matt and his team,” said Bryant. “They have been committed to nurturing the success of this project from day one, and not just on the strength of its financial feasibility but most importantly on its merit. “

The contractor for Elevation is Simms Building Group, with design by CASCO. Construction will begin in January 2022 with estimated completion by January 2023.

Emerald Capital is a third-party affiliate of Green Street Real Estate Ventures specializing in community development, incentive, and real estate consulting. The team behind Emerald Capital believes that there is a lack of access to Federal and State Incentives and atypical financing for smaller businesses, nonprofits, and developers without a dedicated/sophisticated finance team. Emerald Capital believes that Federal/State Incentives and unconventional forms of financing should be available for all organizations, regardless of their financial back-office capabilities. #connectingcapital To learn more visit, www.emeraldcapitalstl.com

Kingsway Development LLC is a for profit development company focusing on residential and commercial development in the Fountain Park and Lewis Place neighborhoods on St. Louis City’s North side. Kingsway Development was started by Kevin Bryant, a local business owner who has operated his company in the neighborhood for over 20 years. #agreatplacetogrow

To learn more visit, www.kingswaydevelopment.net

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