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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


PHADA Annual Convention & Exposition

Regional Director Bruce P. Gerhart will be attending the Public Housing Authorities Directors Association Annual Convention & Exposition May 3-6, 2015 in San Francisco, CA. Stop by booth #413 to discuss your financing needs with Bruce.

AHCA Multifacility CEO Leadership Conference

Senior Director Leonard A. Lucas will be attending AHCA’s Multifacility CEO Leadership Conference April 29-May 1, 2015 in Orlando, FL. Contact Len today to set up a meeting at the conference or for more information on how we can best serve your healthcare facility’s financing needs.

SCHCA Annual Trade Show & Convention

Director Kenneth Charbauski will be exhibiting at the 2015 South Carolina Healthcare Association Trade Show & Convention April 26-29, 2015 in Myrtle Beach, SC. Stop by booth #503 to discuss your healthcare facility’s financing needs with Ken.

Building Michigan Communities Conference

Midwest Regional Director Bruce P. Gerhart will be speaking at the Building Michigan Communities Conference April 27-29, 2015 in Lansing, MI. Bruce will be speaking on a panel entitled, ‘Recapitalization and What This Means for Properties’. Look for Bruce and his team on-site to discuss your affordable housing financing needs.

OHCA Long Term Care Convention & Expo

Senior Director Robert L. Smallwood and Director Brian Jones will be attending the Ohio Healthcare Association’s Long Term Care Convention & Expo April 27-30, 2015 in Columbus, OH. Join us at booth #602 to learn about the many financing options available through HUD’s healthcare finance programs.

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