JLL Secures Acquisition Financing for Kansas City High-Rise

Walnut Tower. Image courtesy of JLL Capital Markets

Peakview Investments and Infinite Waters purchased Walnut Tower, a 180-unit multifamily community in Kansas City, Missouri. JLL Capital Markets secured a seven-year, interest-only, fixed-rate acquisition loan through Freddie Mac Multifamily. JLL represented the borrower and also serviced the loan.

Completed in 1963, Walnut Tower is a high-rise property encompassing studios, one- and two-bedroom units ranging between 441 and 725 square feet. The common-area amenities include a fitness center, a clubhouse, a roof terrace, controlled access and laundry facilities. In 2012, the community was fully renovated, but the new ownership’s business plan is aiming to upgrade the unit interiors and common-area amenities, and change management.

Located at 722 Walnut St. in downtown Kansas City, the Class B property is close to interstates 35, 70 and 670. The area offers many retailers, dining options and entertainment venues such as Power and Light District. Green areas like Ilus W. Davis Park, Barney Allis Plaza and Columbus Square Park are within a 1-mile radius from the property. Truman Medical Center Hospital Hill and Children’s Mercy Adele Hall Campus are only a 7-minute drive away.

Recently, JLL Capital Markets secured a $150 million, five-year, floating-rate refinancing loan for LVL North, a 410-unit mixed-use community in Philadelphia.