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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

Illinois Governor’s Conference on Affordable Housing

Chicago-based Director David Hirsch will be attending the 2015 Illinois Governor’s Conference on Affordable Housing April 1-2, 2015 in Chicago, IL. Stop by our booth to meet David and discuss the various financing options available through FHA’s affordable housing finance programs. Interested in learning more about what’s next for the RAD Program? Join our Midwest Regional […]

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 […]

Kentucky Affordable Housing Conference

Director Brian Jones will be attending the 2015 Kentucky Affordable Housing Conference April 8-9 in Lexington, KY. Look for Brian at our booth in the expo hall or join him at 10:15 AM on Thursday, April 9 as he speaks on the ‘Creative Financing for Multifamily Projects‘ panel.

WMAC Annual Meeting

Love Funding will be attending the Western Mortgagee Advisory Council Annual Meeting April 13-17 in Denver, CO.

New York State Public Housing Authority Directors Association

Regional Director Bruce P. Gerhart will be exhibiting at the New York State Public Housing Authority Director’s Asociation Conference April 15-16 in Verona, NY. Stop by our booth to discuss Bruce’s extensive experience with HUD’s Rental Assistance Demonstration Program (RAD) and the many affordable housing financing options available through HUD.

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