Skip to content

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

Critical Access Hospital Conference

Senior Director of Hospital Finance Steven Hunt will be attending the Critical Access Hospital Conference June 3-4 in Kansas City, MO. Look for Steve there to discuss you hospital’s financing needs.

NCSHA Housing Credit Connect

Senior Director James Vanar and Director Brian Jones will be exhibiting at the National Council of State Housing Agencies’ (NCSHA) 2015 Housing Credit Connect Conference June 1-4 in Los Angeles, CA. Stop by booth #27 to meet our affordable housing finance experts and discuss how we can best serve your financing needs.

Interface Seniors Housing Midwest

Director David Hirsch will be attending the Interface Seniors Housing Midwest Conference June 11 in Chicago, IL.

19th Annual Western Regional Trustee Symposium

Senior Director of Hospital Finance Steven Hunt will be attending the Western Regional Trustee Symposium June 10-12 in Sun Valley, ID. Stop by our booth to meet Steve and discuss how we can best serve your hospital’s financing needs.

AHF Live Forum

Senior Directors Holly Bray and Laura Saull-Smith along with Director Ann Bolen will be attending the AHF Live Forum June 10-12 in Washington, DC. Stop by our booth to meet our team of affordable housing finance experts and discuss your financing needs.

Newsletter Sign-Up

Twitter