Picturesque setting at Lake provides backdrop for Osage Beach apartments

The Summit at Osage Apartments at 4450 Ski Drive in Osage Beach had their official opening Nov. 13.  The 48-unit family housing development was built by Capstone Development Group of St. Louis and sits on a bluff overlooking the Lake of the Ozarks.  The picturesque setting provides a beautiful backdrop for 32 two-bedroom apartments and 16 three-bedroom units.

The grand opening of the complex was celebrated by the development team with local community and business leaders

“This is the culmination of a great community project,” said Mayor Penny Lyon.  “It is always wonderful to see such an outstanding finished product that quickly becomes a wonderful asset to the area.  The availability of affordable housing in the area has been one of our priorities and this serves to help us to get that done.

The Missouri Housing Development Commission (MHDC) helped finance the development through its Rental Production and Preservation program.  Financing includes a $741,700 HOME loan at 1 percent for 20 years and $361,476 federal and state Housing Tax Credits.

MHDC has invested almost $4 billion in Missouri housing, covering every county of the state, for rental housing developments, home mortgages, home improvement loans, loans to landlords for renovations, grants to neighborhood housing groups and other programs.

MHDC does not build or renovate housing itself; rather, it functions as a bank, providing financing directly to borrowers or through a network of private lending institutions. Most of MHDC's programs operate as a public-private partnership.

Other members of the development team include, Webster, Design, Inc.; Crestwood Building Associates, Inc.; WNC & Associates, Inc.; Kansas City Life Insurance Company and Cohen-Esry Real Estate Services, Inc.

Rental rate information is available through the property manager at 573.348.4443.

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