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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

Love Funding will be sponsoring the Illinois Housing Council’s 2014 Illinois Governor’s Conference on Affordable Housing. The conference will be held April 22-23 at the Hyatt Regency in Chicago, IL. Stop by our booth to meet members of our affordable housing finance team, Regional Director Bruce P. Gerhart and Director James Horvath.

WMAC Annual Conference

Love Funding will be attending the Western Mortgagee Advisory Council Annual Conference April 24-25 in San Francisco, CA.

TAA Lone Star Expo

Look for our Texas multifamily finance experts at booth #812 during the 2014 Texas Apartment Association Education Conference & Lone Star Expo. Senior Director Tammy Tate and Director Chad Ricks look forward to seeing you April 24-26 in Dallas, TX. 

OHCA Convention & Expo

Senior Director Robert L. Smallwood and Director Brian Jones will be attending the Ohio Health Care Association Convention & Expo held April 28 – May 1 in Columbus, OH. Stop by booth #602 to discuss your healthcare property’s financing needs. 

Building Michigan Communities Conference

Regional Director and affordable housing finance expert Bruce P. Gerhart will be speaking at the upcoming Building Michigan Communities Conference. The conference will be held April 28-30 in Lansing, MI. Bruce will be on a panel entitled “Preservation and Utilizing HUD’s Rental Assistance Program – Totally RAD”. 

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