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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

NAHC Annual Meeting

Senior Director Hugh Jeffers will be speaking on a panel at the National Association of Housing Cooperatives’ 54th Annual Conference October 15-18 in St. Thomas, USVI. Hugh will be speaking during two educational sessions. The first on October 16 at 3:45 entitled, ‘Financial Tools for Cooperatives’ and the second, a panel on cooperative funding, will […]

NYSAFAH Upstate

Director Christopher Schilling will be attending the New York State Association for Affordable Housing Upstate Conference October 22 in Verona, NY. Stop by the Love Funding booth to meet our affordable housing finance team and discuss your financing needs.

MAHC Annual Meeting

Senior Director Holly Bray will be attending the Maryland Affordable Housing Coalition Annual Meeting on October 27, 2014 in Baltimore, MD.

VA Governor’s Housing Conference

Love Funding Senior Director Laura Saull-Smith and Director Ann Bolen will be exhibiting at the 2014 Virginia Governor’s Housing Conference October 29-31 in Norfolk, VA. Stop by our booth to discuss the many finning options available through FHA’s affordable housing finance programs with Laura and Ann.

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