Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

St. Francis King Hill – Saint Joseph, MO

St. Francis exterior
Image Source: Greystone Servicing Corporation
King Hill exterior
Image Source: Greystone Servicing Corporation

Through the Positive Social Purpose Lending Program and in partnership with Greystone Servicing Corporation, participation was purchased in a loan providing financing for two existing properties (St. Francis Apartments and King Hill Apartments, located 5.8 miles from one another) in Saint Joseph, MO. The two properties contain 157 units, of which 156 are age-restricted to tenants 55/62+ (depending on property) with incomes up to 60% of the area median income. Both properties underwent extensive renovations in 2015 and 2016.

St. Francis Apartments contains 109 units originally constructed in 1978. Common area amenities at this property include a community room, picnic area, library, laundry facility, video surveillance and onsite staff. Unit amenities include patios or balconies, emergency pull cords, and safety bars. King Hill Apartments contains 48 units originally constructed in 1989. Common area amenities at this property include a community room, recreation room with a billiard table and exercise equipment, gazebo area, library, laundry facility, video surveillance and onsite staff. Unit amenities include emergency pull cords and safety bars. Rehabilitation of the properties consisted of exterior upgrades including paving, fixing sidewalks, new landscaping, and replacing siding. Interior work included installation of new windows, doors, floors, trim, electrical fixtures, and full bathroom and kitchen upgrades.

The managing general partner of this project is Interfaith Community Services, Inc. (DBA InterServ), a faith‐based 501(c)(3) social service organization serving people in northwest Missouri since 1909. InterServ was formed as an outreach mission of the Methodist Church and today provides comprehensive social services throughout Northwest Missouri. Programs include Individual and Family Assistance, Counseling and Case Management, Immigrant Services, In‐Home Services, Professional Medical Services, Elderly Nutrition, Infant/Childcare, Youth Programs and Volunteer Opportunities.

InterServ‘s partners include: United Way, United Methodist Women, Inc., the Missouri Conference of the United Methodist Church, The Heartland Presbytery (PCUSA); The Missouri Mid-South Conference of the United Church of Christ; St. Joseph Community Development; the U.S. Department of Agriculture, MO General Revenue & DHSS/ Division of Senior & Disability Services through the Older Americans Act of 1965 and the NWMO Area Agency on Aging, Inc.

Transaction Summary:
 

Property Name: St. Francis King Hill
Location: 1601 S 38th St and 6010 State Hwy V, Saint Joseph, MO 64507
Units: 157
Loan Amount: $2,900,000
Term: 30 years
Purchase Date: May 15, 2017

 

For more information about Greystone Servicing Corporation: www.greyco.com

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

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