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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

NIC National Conference

Regional Director Bruce Gerhart and Senior Director Leonard Lucas will be sponsoring the 2015 NIC National Conference September 30-October 2, 2015 at the National Harbor in Maryland. Contact us today to schedule a meeting in our hospitality suite or for more information about how we can best serve your facility’s financing needs.

NCHMA Annual Meeting

Director David Opalek will be attending the National Council of Housing Market Analysts Annual Meeting September 9-10, 2015 in Columbus, OH.

HRACRE Rockin’ on the River

We will be sponsoring the Hampton Roads Association for Commercial Real Estate’s Annual Rockin’ on the River event. Look for our Norfolk-based Director Ann Bolen at the event on September 24 to discuss your financing needs.

MGA Annual Reception

The Missouri Growth association will host their 22nd Annual Fall Networking event in St. Louis on September 24, 2015. Members of our St. Louis office, Senior Vice President & Chief Underwriter Cortney Mauldin, Senior Directors Robyn Cunningham and Harry Cheatham, and Directors Adrian Hartman and Brian Robertson will all attend.

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