A vacant 14-story apartment tower in Saint Ann, Missouri is getting new life after real estate finance firm Gantry arranged a $15.6 million bridge loan to fund its acquisition and redevelopment. The Santa Ana Apartments, a 169-unit complex at 3737 Ashby Road, had sat empty before being purchased, and the new financing will bankroll a comprehensive renovation aimed at turning the building into market-rate multifamily housing.
According to Connect CRE, the three-year, fixed-rate bridge loan came from one of Gantry's correspondent insurance company lenders and includes upfront interest-only terms, with Gantry also set to service the loan on the lender's behalf. The outlet's own headline rounded the figure up to $16 million, though its article body specifies the loan amount as $15.6 million. Gantry Principal Mark Reichter and Associate Alec Frook, both with the firm's Kansas City office, represented the borrower, who is described only as a private real estate investor.
A Vacant Senior Tower Finds a New Purpose
Before its current vacancy, the property was most recently operated as an LIHTC senior-designated multifamily building, per CBRE. The tower was built in 1972 and spans 124,290 square feet on a 1.76-acre lot. The planned conversion would shift the building away from its senior-housing designation and into general market-rate apartments.
The site sits in a North St. Louis suburb adjacent to Lambert-St. Louis International Airport, with direct access to I-70 and I-170, along with local bus and MetroLink transit options, the Connect CRE report notes. Residents would also have access to nearby Tiemeyer Park and McDonnell County Park.
Why the Timing Makes Sense for St. Louis Landlords
Gantry's Reichter told Yield PRO that “market-rate multifamily positioned to serve as workforce housing remains a high-demand commodity throughout the St. Louis region,” a comment that lines up with recent regional data. A Colliers market report found average effective rents in the St. Louis multifamily market hit a record $1,429 per unit in the second quarter of 2026, even as annual rent growth moderated to 2.1%.
That same Colliers report showed occupancy holding near 97% regionally, with 2,027 units absorbed compared to just 365 units delivered in the second quarter. Colliers expects the St. Louis multifamily market to stay stable through the rest of 2026, citing healthy occupancy, continued rent growth, and generally balanced supply and demand.
For now, the deal marks another entry in a St. Louis-area multifamily market that, per the Colliers data, has stayed tight even as new construction lags behind demand.
