Skip to content

Lucas Place Lofts - Love Funding

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $20.5 million loan to substantially rehabilitate a historic building in downtown Kansas City, Missouri, to convert it for market-rate loft apartments.
 
Love Funding Senior Director Holly Bray of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The program provides non-recourse construction and permanent financing for new apartments or substantial rehabilitation of existing apartments.

The property, located at 323 West 8th Street, was built in 1910 by the Burnham-Munger-Root Dry Goods Company. The eight-story building was used for decades to make a range of textile and rubber products, before being renovated in 1980 to house offices.  The new renovation project, which has been awarded federal and state historic tax credits, will reconfigure the existing floor plans to make room for 130 loft apartments and several ground-level retail units. The roof and all major mechanical, electrical and plumbing systems are also being replaced.
 
“The preservation of Lucas Place will reenergize this area and help with the city’s goal of creating a vibrant downtown where people can live, work and play,” said David L. Roos, executive vice president at Landwhite Developers LLC, the project’s sponsor.
 
For more information, contact Holly Bray.

State Loan Amount Loan Type Financing HUD Office Date
Missouri $20,453,000 Multifamily 221(d)(4) Kansas City 10/11/2012

Calendar

MFE Leadership Summit

Join Senior Director Peter Wessel and Director Brian Robertson on the slopes in Vail! Love Funding will be sponsoring MFE’s Leadership Summit March 9-11, 2017 in Vail, CO. Contact Peter or Brian today to set up a meeting to learn more about the many financing solutions available through HUD for your multifamily properties.

IHC Governor’s Housing Conference

Chicago-based Director David Hirsch will be exhibiting at the Illinois Housing Council’s Governor’s Housing Conference March 13-14, 2017. Stop by our booth to discuss your financing needs with Dave.

NIC Spring Conference

Love Funding healthcare finance experts Leonard A. Lucas and Kate Murray will be sponsoring the upcoming NIC Spring Investment Forum March 22-24 in San Diego, CA. Contact us today to schedule a meeting in Love Funding’s meeting room (Cobalt 502B).

Newsletter Sign-Up

Twitter