4565 McRee Closes with NMTC Allocation
Emerald Capital is excited to announce the financial closing for the 4565 McRee Project in St. Louis, Missouri. Working with the Project Sponsor, Green Street St. Louis, Emerald Capital assisted in sourcing and closing $18M in New Markets Tax Credit Allocation. Green Street also utilized other forms of non-traditional capital such as Opportunity Zone Investments to allow the project to move forward.
The New Markets Tax Credit Financing will allow Green Street to develop the first of a multi-phase development for the McRee District. The first phase, 4565 McRee, will be the redevelopment of a former industrial building constructed in the mid-20th century into a mixed-use office/retail space that will create nearly 200 jobs and 150 construction jobs.
Retail use of the space will include BarK, incorporating an indoor/outdoor dog park, pet friendly restaurant, bar, event space, and grooming facility. BarK will also have a dedicated space for regular adoption events with local shelters and rescues, as well as an outdoor stage for entertainment and education.
Office space will consist of Green Street St. Louis and HDA Architects, both relocating existing offices from Saint Louis County to the City of St. Louis following their merger in October 2020.
“We are incredibly excited to be a part of this first phase to revitalize a vacant area in St. Louis that will become a vibrant community to live, work, and play," said Matt Drinen, principal of Emerald Capital. "This is a great story for the NMTC program and the City of St. Louis, as the project brings a significant number of jobs to the City, with the relocation of Green Street / HDA from the County and BarK’s expansion into St. Louis,” adds Luke Pope, principal of Emerald Capital.
With the assistance of the NMTC program, the project will be fully completed as envisioned and will be a catalyst for future phases in the McRee District. Full construction on Phase I started in January 2021 and is estimated to be completed in Q4 later this year.
“Emerald Capital’s expertise in New Markets Tax Credits and Opportunity Zones took our project across the finish line,” said Kevin Morrell, principal of Green Street St. Louis. “Financing during a pandemic seemed almost impossible at times, but with guidance from the Emerald Capital team, we are able to bring this unique development to the city of St. Louis”.
Please reach out to Matt Drinen or Luke Pope if you would like to explore the possibility of NMTC Financing for your project.