3153 Nebraska

In 2016 DeSales had the opportunity to purchase a large, vacant two-family at 3153 Nebraska Ave. in Benton Park West through the Neighborhood Stabilization Initiative. This is a joint venture formed by mortgage giants Fannie Mae and Freddie Mac to counteract the effects of the 2008 housing crisis. The program allows community-based non-profits such as DeSales to acquire foreclosed properties at discounted prices. It is administered locally by Rise Community Development.

DeSales closed on the purchase of the 3153 Nebraska in July of 2016 with a loan from Gateway Community Development Fund, Inc. DeSales then advertised the building for sale to potential rehabbers. As a result, DeSales received an offer and development proposal from Brian Esty, who has rehabilitated buildings in several St. Louis neighborhoods. His plan called for a complete rehab of the building, keeping it as a two market-rate apartments that he would own and manage. DeSales entered in a sale contract and development agreement with Brian and sold the building to him in November.

The rehab was completed in September of 2019 and 3153 Nebraska is now one of the growing number of historic buildings in Benton Park West that have been beautifully rehabilitated.