LEDG Capital has commenced a $5.5-million renovation to modernize the Ridge Crest Apartments, an 84-unit affordable housing community in the Marine Villa neighborhood of St. Louis.

The Industrial Development Authority of the City of St. Louis provided private activity bonds to support the renovation effort, while the Missouri Housing Development Commission approved Low-Income Housing Tax Credits. Citibank served as the primary lender for the project. Walker & Dunlop served as the equity partner in the transaction.

The renovations will update the 60-year-old community, address the capital needs of its three buildings, improve amenities for residents, and strengthen security at the property. Property management at Ridge Crest will be overseen by WinnResidential, while Langerman Construction is serving as general contractor for the work using plans from Benton Design Group.

“We’re pleased to have had the opportunity to protect the long-term affordability of this community at a time so many households in the St. Louis area are struggling with high rent burdens,” said Matthew Kassel, senior director of development for LEDG Capital.