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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

FAHRO Convention & Trade Show

Senior Director Robert L. Smallwood will be exhibiting at the FAHRO Annual Convention and Trade Show August 12-14 in Orlando, FL. Stop by our booth to learn more about FHA’s affordable housing finance programs and how we can best serve your financing needs.

NH&RA Summer Institute

Senior Director Holly Bray will be attending the NH&RA Summer Institute August 6-9 in Newport, RI. Look for Holly there to discuss your financing needs.

Midwest Buyer/Seller Conference

Love Funding Director Christopher Schilling will be attending the Affordable Housing Association of Indiana’s Midwest Buyer/Seller Conference August 18-19 in Indianapolis, IN. Stop by our booth to discuss your affordable housing finance needs with Chris.

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