Dominium and U.S. Bank Celebrate Grand Opening of Metropolitan Artist Lofts

  Dominium and U.S. Bank Celebrate Grand Opening of Metropolitan Artist Lofts

Historic building in St. Louis Grand Center Arts District opens as affordable
                             housing for artists

Business Wire

ST. LOUIS & MINNEAPOLIS -- November 01, 2012

Originally built in 1908, the Metropolitan Building is located in the heart of
the artistic Grand Center Arts District in St. Louis, Missouri. This
historical gem stood vacant and unoccupied for years, but with renovations now
complete it is once again a gathering place for creative talent.

Metropolitan Building exterior today (Photo: Dominium)

Metropolitan Building exterior today (Photo: Dominium)

Dominium, a leading apartment development and management company, is pleased
to announce the grand opening of the Metropolitan Artist Lofts on Thursday,
November 8. Representatives from Dominium, financing partner U.S. Bank and the
Grand Center neighborhood will speak at the event, which also includes music,
art and entertainment.

Surrounded by museums, art galleries, restaurants and educational centers, the
Metropolitan Artist Lofts will provide 72 units specifically designed as
affordable housing to suit the needs of artists. In addition to one and two
bedroom apartments, the building also provides studios for painters, sculptors
and clay artists as well as sound studios with special soundproofing. A dance
studio and a well-equipped fitness room are also available to residents.
Extra-wide hallways turn into gallery space, with picture hangers to display
the work of residents.

U.S. Bank provided both debt and equity for the $20 million renovation,
including a construction loan, a first mortgage and a nearly $14 million
federal and state Historic and Low-Income Housing Tax Credit equity investment
through its St. Louis-based subsidiary, U.S. Bancorp Community Development
Corporation (USBCDC). USBCDC also made a $1.8 million Affordable Housing
Assistance Program (AHAP) donation for the benefit of the project.

“The Metropolitan Artist Lofts is a great use of a historical property that
has stood vacant for many years,” said Jeff Huggett, vice president and
project partner for Dominium. “We’re pleased to contribute to St. Louis’s
vibrant art community and consider this rehabilitation a win both for our
expanding Missouri portfolio and the residents of St. Louis.”

Learn more about the Metropolitan Artist Lofts at
http://www.metropolitanartistlofts.com.

                          When: Thursday, November 8
                              4:30 to 7:30 p.m.
                           Presentation: 6:30 p.m.

                         Where: 500 North Grand Blvd.
                                St. Louis, Mo.

About Dominium

Founded in 1972, Dominium is a Minneapolis-based owner, developer, and manager
of apartment communities nationwide. With more than 23,400 owned and/or
managed units at 222 sites in 21 states, for 40 years Dominium has been known
for creative solutions to unique and challenging development projects, and
management expertise. For more information visit www.dominiumapartments.com.

About U.S. Bank

Minneapolis-based U.S. Bancorp (NYSE: USB), with $352 billion in assets as of
September 30, 2012, is the parent company of U.S. Bank National Association,
the 5th largest commercial bank in the United States. The Company operates
3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S. Bancorp and
its employees are dedicated to improving the communities they serve, for which
the company earned the 2011 Spirit of America Award, the highest honor
bestowed on a company by United Way. Visit U.S. Bancorp on the web at
www.usbank.com.

About U.S. Bancorp Community Development Corporation

With more than $10.1 billion in assets, U.S. Bancorp Community Development
Corporation, a subsidiary of U.S. Bank, provides innovative financing
solutions for community development projects across the country using state
and federally sponsored tax credit programs. USBCDC's commitments provide
capital investment to areas that need it the most and have contributed to the
creation of new jobs, the rehabilitation of historic buildings, the
construction of needed affordable and market-rate homes, the development of
renewable energy facilities, and the generation of commercial economic
activity in underserved communities. Visit USBCDC on the web at
www.usbank.com/cdc.

Photos/MultimediaGallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50462814&lang=en

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50462814&lang=en

Contact:

U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731
nicole.sprenger@usbank.com
or
Dominium
Josie Hemmingsen, 952-851-7227
jhemmingsen@tunheim.com
 
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