ST. LOUIS, January 16, 2015. Enterprise Financial CDE, LLC (EFCDE), a subsidiary of Enterprise Financial Services Corp (NASDAQ: EFSC), announced that on December 30, 2014, it provided $4.95 million in New Market Tax Credit (NMTC) financing to Market 700, LLC, an affiliate of St. Louis-based The Koman Group, in connection with its redevelopment of 700 Market Street in Downtown St. Louis. EFCDE’s affiliate, Enterprise Bank & Trust, provided senior real estate and historic tax credit bridge financing for the project as well.
The redevelopment of 700 Market includes the restoration of the only Philip Johnson-designed office building in the St. Louis metropolitan area, anchoring the south side of Market Street between 7th and 8th Avenues, and is listed on the National Park Service Registry of Historic Places. Originally constructed for and occupied by General American Life Insurance Company, the 1977 building has undergone a complete restoration, while maintaining Johnson’s post-modern geometric vision. St. Louis-based Laclede Group is leasing the entire project and scheduled to move into the 127,000 square foot office building on March 1st of this year.
Mitch Baris, Executive Director of EFCDE, said, “We are excited to close on our second downtown St. Louis transaction with The Koman Group. Working with John Meek from Enterprise Bank & Trust, we were able to provide a total financing package of more than $30MM. The NMTC funds will help the 700 Market building reopen as Laclede Group’s local corporate and operational hub. We are happy to be a part of their move into this extraordinary building.”
Garrick Hamilton, general counsel for The Koman Group, stated, “Urban redevelopment, especially of historic assets, offers many financial hurdles. Only through successful collaboration with Enterprise Bank and its NMTC investment and lending partners were we able to efficiently close such a complicated transaction. We applaud everyone involved.”
Enterprise Financial Services Corp (NASDAQ: EFSC) is the parent company of Enterprise Financial CDE, LLC and Enterprise Bank & Trust which operates commercial banking and wealth management businesses in metropolitan St. Louis, Kansas City, and Phoenix. The Company is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.