Skip to content

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

Calendar

Western Regional Trustee Symposium

Senior Director of Hospital Finance Steven Hunt will be exhibiting at the Western Regional Trustee Symposium June 8-10, 2016 in Phoenix, AZ. Learn more about our hospital finance programs here or contact Steve today to schedule a meeting at the symposium.

NCSHA Housing Credit Connect

Director David Opalek will be attending NCSHA’s Housing Credit Connect Conference June 13-16, 2016 in Seattle, WA. Look for Dave there to discuss your financing needs.

PHFA Affordable Housing Conference

Join Director David Opalek at PHFA’s Multifamily Affordable Housing Conference June 22-24, 2016 in King of Prussia, PA. Learn more about our affordable housing finance programs here.

2016 NAA Education Conference & Expo

Senior Director Robyn Cunningham and Director Adrian Hartman will be exhibiting at the 2016 NAA Education Conference & Expo June 15-18 in San Francisco, CA. Contact us today to schedule a meeting at NAA or stop by booth #1207 to discuss your property’s financing needs. Learn more here.

NYSHFA/NYSCAL 67th Annual Convention

Senior Director Leonard Lucas and Director Matthew Meskill will be exhibiting at the NYSHFA/NYSCAL Annual Convention June 26-29, 2016 in Bolton Landing, NY. Stop by our booth to learn about the many financing options available through HUD’s finance programs as well as Love Funding’s bridge loan platform.

Newsletter Sign-Up

Twitter