By Anca Gagiuc, Associate Editor
Kansas City, Mo.—Mutual of Omaha Bank, headquartered in Nebraska, lent $29.5 million to an affiliate of global real estate investor and developer Taurus Investment Holdings of Boston. The funds will be used to develop Kinsley Forest, a six-building project located in Kansas City, Mo.
The loan carries a five-year term and a floating rate. The financing was arranged by John Alascio, Chris Moyer and Alex Lapidus with Cushman & Wakefield Debt & Structured Finance.
The site sits on the southwest corner of I-169 and Northeast Englewood Road and has been under Taurus’ ownership for over a decade. In 2005, Pulte Homes acquired 50 acres of the 160-acre site for the development of single-family homes and townhouses. Later in 2015, an additional 30 acres were sold to another Taurus-controlled partnership for the development of Kinsley Forest.
“Taurus is very excited to add Kansas City to its development portfolio,” Peter Merrigan, a founding partner & chief executive officer of Taurus, said in prepared remarks. “We plan on further expanding our presence in the Northland submarket, as this multifamily community will serve as the first of multiple development phases on the Kinsley Forest site, including commercial and future residential uses.”
Once completed, Kinsley Forest will total 328 apartment units. Amenities will include a swimming pool, fitness center and media room.
“Multifamily continues to be a favored asset class for banks. The strong fundamentals of Kansas City complimented by best-in-class Sponsorship delivered excellent terms in a competitively marketed process,” Alascio of Cushman & Wakefield added.
Image courtesy of Taurus Investment Holdings