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Dominium Brings History Back to Life for the Arcade Building
18-Story Renaissance Revival Building in St. Louis Gets New Life through Capital Financing Legal Representation by Winthrop & Weinstine, PA.

MINNEAPOLIS – August 11, 2014 – Winthrop & Weinstine announced that its client Dominium closed on over $100M in debt and equity financing for the rehabilitation of the historic Arcade Building in St. Louis, MO.  Dominium is a leading national apartment developer specializing in affordable housing.  Dominium will renovate the 18-story, 538,000 square foot building at Eighth and Olive streets downtown St. Louis into 282 artist loft apartments and Webster University’s new Gateway Campus, which is scheduled for completion in late 2015.

The Arcade Building has had a checkered past, being vacant for almost 20 years and having been most recently acquired out of foreclosure by the city of St. Louis’ Land Clearance for Redevelopment Authority with the help of Pulaski Bank.  According to Jon Peterson, shareholder at Winthrop & Weinstine, the financial and political assistance of the City of St. Louis was crucial to making this project come together with financial assistance from monetization of federal new market tax credits, federal and state historic tax credits, federal low income housing tax credits, tax-exempt bonds, and a variety of other highly specialized financing sources.  Assisting with such financing is a specialty of Winthrop & Weinstine which has earned the firm national recognition for such work.

“It’s very rewarding to see our work on behalf of Dominium come to fruition.  We know that the city of St. Louis will benefit greatly from the $100M renovation of this once vacant historic building. The largest project taken on by Dominium in St. Louis, it promises to be a significant downtown property when it opens,” added Todd Urness. “It is a testimony to the unique ability, economic and personal resources, and expertise that Dominium brought to the transaction that enabled them to complete a deal that was extremely complex and difficult to put together, but one that is very important for the future. We congratulate them, and are glad to have the opportunity to assist them in this goal.”

In addition to Peterson, Todd Urness, Paul Markwardt, Jeffrey Drennan and Jacob Bean, counseled Dominium on navigating the intricacies of these varied financing sources into a cohesive structure that allows all parties  to work together to make this fantastic project a reality.

"We are excited to provide the St. Louis region with a development that attracts artists to the area and gives them work and performance space to spur their creativity," said Jeffrey Huggett, Vice President and Project Partner. "Cities with flourishing artist communities attract other artists and new residents seeking a vibrant cultural environment. Our experience has proven that artist lofts are economic development drivers. ”

About Winthrop & Weinstine, P.A.
Winthrop & Weinstine is a dynamic and growing law firm focused on building strong client relationships through responsiveness, innovation and creativity.  The firm enjoys steady growth by meeting the diverse needs of its clients from individuals and emerging-growth businesses to Fortune 500 companies in an impressive array of industries throughout the Twin Cities and nationally.

To read more about the firm's Affordable Housing practice, please visit www.winthrop.com/affordablehousing.
 
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