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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

Indiana Housing Conference

Director Dave Opalek will be exhibiting at the Indiana Housing Conference August 25-26, 2016 in Indianapolis, IN. Stop by our booth to discuss your property’s financing needs with Dave.

Multifamily Executive Conference

Senior Director Peter Wessel and Director Brian Robertson will be exhibiting at the upcoming MFE Conference September 19-21, 2016 in Las Vegas, NV. Stop by booth #302 to discuss your financing needs with our team.

WMAC Annual Conference

Love Funding will be attending the Western Mortgagee Advisory Council’s Annual Conference September 7-9, 2016 in San Francisco, CA.

NJ Governor’s Housing Conference

Join Love Funding Director Matthew Meskill and Accounts Manager Greg Mayernik in Atlantic City September 19-20, 2016 for the NJ Governor’s Conference on Housing & Economic Development. Stop by our booth in the expo hall to learn more about reduced MIPs for affordable housing and HUD’s many financing options for affordable housing.

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