Block Real Estate Scores $60M for Kansas City Community
The mixed-use property is part of a $350 million master-planned development.
Block Real Estate Services has obtained a $59.8 million loan for The Residences at Galleria, a 322-unit luxury community in the Kansas City suburb of Overland Park, Kan. JLL Capital Markets arranged the financing on behalf of the borrower, through Eagle Realty Group.
Part of the proceeds will pay off existing debt; according to Yardi Matrix data, the developer took out a $16.5 million construction loan for this project in 2021. The remainder will fund further multifamily development.
The Residences is part of the Galleria 115 master-planned community, a $350 million, 37-acre mixed-use development. At full build-out, the property will include 350,000 square feet of office space, more than 105,000 square feet of retail space and 678 apartment units.
A luxury community in the middle of it all
Completed last year, The Residences at Galleria is a five-story apartment building that boasts units with one, two, or three bedrooms averaging 942 square feet. Each apartment has private patios, full-size washers and dryers, quartz countertops and energy-efficient appliances.
The community encompasses an array of amenities, including a fitness center with yoga and cycling studios, on-site coworking space, spa with a massage room, sundeck with private cabanas, courtyard, pool and media lounge.
The property is situated at 11201 Outlook St., south of Interstate 435 and less than 1 mile from employment and office hub College Boulevard. Nearby employment centers include Mariner Wealth Advisors, Netsmart, Children’s Mercy Hospital, Menorah Medical Center and the Sheraton Overland Park Hotel and Convention Center. Apart from the shopping options available at Galleria 115, residents also have access Town Center Plaza, Camelot Court, Hawthorne Plaza, as well as Whole Foods and Trader Joe’s.
The JLL Capital Markets Debt Advisory team that closed on the loan was led by President Jody Thornton, along with Managing Directors Mark Erland and Tony Nargi.