ST LOUIS, MO – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has bought the 170-unit Steelyard & IceHouse Apartments (Steelyard) in St. Louis, MO. The deal closed April 10th. The buy marks the firm’s fifth acquisition of the year, second property in St. Louis, and first self-sponsored Delaware Statutory Trust (DST).
Steelyard is a Class A, mid-rise community located in Downtown St. Louis. The developer, LuxLiving, first renovated a 1924 warehouse (The IceHouse) in 2016 to make 42 desirable lofts with open-concept floorplans and state-of-the-art amenities. An additional 128 units (The Steelyard) were built on a neighboring lot formerly home to several small warehouses and industrial structures. The now combined community offers a mix of luxury studios, one-, two-, and three-bedroom units averaging 784 square feet in size with desirable amenities including smart home technology.
“Steelyard & IceHouse provided us an attractive opportunity to buy a new property in the up-and-coming neighborhood of Soulard,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “The property features a robust amenity package, prime location near Downtown St. Louis, and offers residents the quality of life provided by the city’s energetic urban core. As this is our second acquisition in the metro within the last six months, we are excited about our continued growth in the region.”
High-end community amenities include a saltwater swimming pool and hot spa, poolside bar, snack bar, barbecue and lounging area, dog park and washroom, rooftop entertainment deck, fitness center, and concierge service. Property management has been transferred to affiliated company Mission Rock Residential.
Steelyard is located in Downtown St. Louis. In 2018, the market ranked as one of the top 100 cities for business and careers, as well as education. The metro is largely supported by the healthcare industry and is home to several medical centers, including top ranked St. Louis Children’s Hospital. Other notable area employers include Anheuser-Busch, Boeing, and Washington University in St. Louis.

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CHATTANOOGA, TN – Hunt Real Estate Capital announced that it provided a first mortgage bridge loan in the amount of $27.35 million to finance the acquisition and renovation of a multifamily property located in Chattanooga, Tennessee.
Rise at Signal Mountain is a 280-unit, garden-style multifamily community located at 1185 Mountain Creek Road. The property consists of a 42.9-acre site and is comprised of 19 two- and three-tale residential buildings built in 1986. The property is 99% occupied.
The non-recourse interest-only first mortgage bridge loan features a 30-month term with three extension options.
The borrower is StoneRiver Company, LLC, a Birmingham, AL-based company founded in 1995 to manage real estate investments for high net worth individuals.
“Rise at Signal Mountain is very well located and benefits from solid access and visibility from roadway frontage,” said Chad Hagwood, Senior Managing Director at Hunt Real Estate Capital. “The borrower will invest just under $2 million in additional capital improvements post-closing.”
The borrower plans to complete exterior and common area/amenity upgrades to the property to bolster the property’s curb appeal and enhance the resident experience. Exterior renovations will commence in April 2020 and are projected to be completed in six to nine months.
“Given the intent of the new owner to upgrade the property with improved street appeal and to renovate unit interiors and common areas, the property is expected to perform very well over the coming years,” added Hagwood. “The borrower targets multifamily assets in growing markets with investments in either new developments or value-add investment strategies.”
“This city has emerged as a thriving economic region with strong job growth, a highly educated work force, and an innovative technology infrastructure,” stated Lou Davis, Vice President of Investments at StoneRiver. “StoneRiver remains bullish on the fundamentals of the Chattanooga market, and our team is focused on growing our multifamily portfolio there in the future.”

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CHICAGO, IL – The senior living industry including independent living, helped living, memory care and continuing care communities, is serving an vital role as the country battles the COVID-19 virus. It is estimated that nearly two million seniors across the country call their senior living communities home. Every day, staff members are preparing food, cleaning and disinfecting apartment units and common areas, keeping residents engaged with activities and assisting with personal care needs. Although the daily routine in the communities has changed quite a bit since the virus took hold, residents and their families have been overwhelmingly supportive of the frontline staff who are providing these necessary services.
Comments from thankful residents and their family members often reflect the same sentiment, “Management is always watching out for us especially now with the virus going around…they have made me feel very comfortable…like this is my home.” A resident’s daughter commented, “The management is fantastic. The way they have handled this whole COVID-19 thing, they have been fantastic.” All in all, the communities exude a “we’re all in this together” attitude that keeps spirits high.
To keep residents safe and virus free, visitors have not been allowed in most communities for the last few weeks, but the staff has set up computer stations so residents can video chat with their loved ones. Activities that used to be held in large communal settings have been altered to cater to smaller groups with appropriate social distancing. Apartment doorway exercise classes have gained a solid following and everyone gets meals delivered by room service.
Another benefit of keeping residents safe and virus free is to help reduce stress on emergency responders and local hospital systems. Community leadership and staff know their services are helping and take pride in the role they are playing. Tales abound about the extraordinary dedication of senior living staff members going above and beyond to care for their residents.
While reports of outbreaks of the virus in nursing homes and helped living communities make for spectacular news tales, there are a number of factors to consider in response. First, the resident population of the broad range of senior living options can be distinguished from nursing homes. Nursing homes ordinarily serve residents with pre-existing medical needs where senior living communities by and large are focused on social determinants of health such as nutrition, social engagement and overall wellness. Helped living communities also address residents who need help with activities of daily living (ADLs) including bathing, dressing and medication management.
The industry acknowledges that senior living residents are vulnerable to the virus but notes that residents who desire the supportive residential living environment provided in senior living communities, benefit from the services that are offered. Meals, wellness checks and help with ADLs cannot be overlooked when assessing the value of seniors communities and the positive impact on residents’ sense of wellness.
This sense is illustrated by the engagement of resident groups who have found ways to help their outside communities and to connect with families. One group dubbed themselves the “Masketeers” and have been sewing face masks to give to all who need them. Resident families have decorated outdoor areas with colorful balloons and provided heart warming messages with sidewalk chalk on parking lots. In return, many residents have responded with window art of their own to show their like. Many senior communities are adorned with signs that read “Heroes Work Here” expressing gratitude for the hard work and dedication of the staff who keep operations humming. “I don’t know if there is a better place we could have gone to, especially with all that is going on,” commented one resident’s sister.
To be sure, there are new challenges. Staff members are screened for symptoms and contacts with potentially infected individuals at the beginning of each shift and senior living operators have been making the case to elevate the priority of testing for staff and residents alike. Residents who exhibit symptoms are tested for the virus and quarantined or isolated as appropriate. The presence of personal protective equipment can result in a more clinical environment than normal and communities are on the constant lookout for fresh supplies. But, life goes on with a commitment to getting through these extraordinary times and returning to the comfortable “at home” routine of community life as soon as possible.

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