Gateway Loan Assisted DeSales to Acquire and Sell Vacant Warehouse
In 2016, Gateway CDFI provided an aquisition loan to Fox Park South Development, an affiliate of DeSales Community Development, to purchase the vacant warehouse located at 2717 Sidney Street in the Fox Park neighborhood of St. Louis City. Approximately two years later, DeSales sold the building to Rung Ltdwhich is transforming this propery into its new home. Rung is a nonprofit which aims to help women and their children achieve economic sustainability. They target working women who are “living paycheck to paycheck, surviving, not thriving.” This center will provide free support services for women, such as financial management, therapy, a gym and dining facilities. Rung plans to finish with the estimated $20 million redevelopment in the first quarter of 2020. Not only will this project transform an entire city block, it will also enhance many other SLEFI investments in the area that were developed by DeSales.