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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

Virginia Housing Credit Conference

Senior Director Laura Saull-Smith and Director Ann Bolen will be attending Virginia Housing Coalition’s 2014 Virginia Housing Credit Conference September 3-4 in Richmond, VA.

MGA Fall Networking Event

St. Louis-based Senior Directors Harry Cheatham and Robyn Cunningham along with Directors Adrian Hartman and Brian Robertson will be attending the Missouri Growth Association’s Annual Fall Networking Event. The event will be held on September 11, 2014 at The Chase Park Plaza in St. Louis.

IHCA Convention & Trade Show

Director Adrian Hartman will be attending the Illinois Healthcare Association’s Convention & Trade Show September 8-11 in Peoria, IL. Stop by booth #1005 to discuss your healthcare facility’s financing needs with Adrian.

CREJ Land & TOD Conference

We will be sponsoring the Colorado Real Estate Journal’s 2014 Land & TOD Conference and Expo on September 16th. Look for Denver-based Senior Director Peter Wessel in the expo hall to discuss how we can best serve your project’s financing needs.

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