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Lucas Place Lofts

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

ELA Annual Conference

Love Funding will be sponsoring the Eastern Lenders Association Annual Conference March 9-11 in Baltimore, MD.

CREJ Multifamily Owners & Managers Conference

Look for Senior Director Peter Wessel exhibiting at the Colorado Real Estate Journal’s Multifamily Owners & Managers Conference March 3, 2015 in Denver, CO. Stop by our booth to discuss your financing needs with Peter.

NIC Capital & Business Strategies Forum

Love Funding will be sponsoring the 2015 NIC Capital & Business Strategies Forum March 31-April 2 in San Diego, CA. Stop by our meeting room Aqua 311 A (3rd floor) to meet Senior Directors Leonard A. Lucas, Laura Saull-Smith and Bob Smallwood and discuss how we can best serve your seniors housing and healthcare financing needs. Join Len on Tuesday, March […]

AHCA Independent Owner Leadership Conference

Senior Director Laura Saull-Smith will be attending the AHCA Independent Owner Leadership Conference March 11-13, 2015 in Ft Lauderdale, FL. Contact Laura today to set up a meeting or look for her at the conference to discuss your healthcare facility’s financing needs.

MFE Leadership Summit

Senior Director Peter Wessel and Director Adrian Hartman will be sponsoring the 2015 MFE Leadership Summit March 12-14 in Vail, CO. Look for Peter and Adrian on the slopes in Vail or contact them today to set up a meeting to discuss how we can best serve your multifamily financing needs. Contact Peter | Contact Adrian

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