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The Springs Apartments in Springfield, MO

October 17, 2025
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THE SPRINGS APARTMENTS
4149 WEST CHESTNUT EXPRESSWAY
SPRINGFIELD, MO 65802

Zimmerman Properties, LLC is proud to announce the closing of project financing and commencement of construction on The Springs Apartments in Springfield, MO. The development is 54 units of affordable housing which will be rented to resident families earning 30% and 60% or less than the area median income, plus 6 units that will be unrestricted market rate units. Overall, the development will contain 36 two-bedroom units and 24 three-bedroom units.

The development is being financed through the following sources:

  • $11,440,000 of construction financing made by OakStar Bank
  • Missouri Housing Development Commission (MHDC) awarded $1,275,000 of annual Federal low-income housing tax credits and $892,500 of annual State of Missouri low-income housing credits
  • OakStar Bank made an equity commitment to the Development and will be allocated the federal tax credits and Missouri Investment Partners XVI, LLC, an affiliated entity of Zimmerman, acquired the state tax credits.
  • The City of Springfield underwrote a HOME Loan of $400,000 which will have a 20-year amortization period and fixed interest rate of 5.0% that will be funded during construction.

The development team consisted of:

Developer: Zimmerman Properties, LLC
General Contractor: Zimmerman Properties Construction, LLC
Management Agent: Wilhoit Properties, Inc.
Architect: Buxton-Kubik-Dodd
Engineer: Taliaferro & Browne, Inc.

The general contractor has been issued a notice to proceed with construction, which should be complete in April 2027 with pre-leasing commencing late-Winter 2027.