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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


AHCA/NCAL Annual Convention

Join our healthcare finance experts at the AHCA/NCAL Annual Convention October 4-7, 2015 in San Antonio, TX. Senior Directors Leonard A. Lucas, Laura Saull-Smith and Robert L. Smallwood will be at booth #610 to discuss your facility’s financing needs. Contact us today to set up a meeting with one of our experts at the conference.

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Join Director David Opalek at the NAHRO National Conference & Exhibition October 15-17 in Los Angeles, CA. David will be at booth #214 throughout the conference to answer all of your affordable housing finance questions.

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Love Funding will be sponsoring the 2015 Virginia Housing Credit Conference October 8-9 in Richmond, VA. Look for our Virginia-based Director Ann Bolen at the conference to learn how we can best serve your financing needs.

NC Housing Conference

Look for Director Kenneth Charbauski exhibiting at the NC Affordable Housing Conference October 28-29, 2015 in Raleigh, NC. Stop by our booth to discuss your financing needs with Ken.

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