KC Development Receives $52M in Financing
West Bottom Flats will encompass 265 units and 5,500 square feet of commercial space. Completion of the $66 million redevelopment is targeted for 2020.
West Bottom Flats
Developer MCM Co. has closed on a $51.9 million construction and development financing loan for West Bottom Flats in Kansas City, Mo. The firm will use the loan to complete a $66 million redevelopment of five warehouse buildings into 265 multifamily units, 5,500 square feet of commercial space and structured parking. Grandbridge Real Estate Capital and Brown Gibbons Lang & Co. facilitated the closing.
The asset totals 341,000 square feet situated on 2.4 acres in downtown Kansas City, adjacent to the West Bottoms neighborhood. The properties to be redeveloped are on West Ninth Street, Liberty Street and Wyoming Street. The planned multifamily units will average approximately 600 square feet. The project is slated for completion by early 2020.
Grandbridge Vice President Doug Bates originated the $31.9 million senior construction loan and the $20 million historic tax credit bridge loans. The three lenders are Huntington National Bank, Blue Ridge Bank & Trust and Hawthorn Bank. Structured with a seven-year construction and mini-permanent loan term, the transaction closed with a fixed interest rate of 5.7 percent.
Recently, Grandbridge also facilitated the closing of a $1.8 million refinance loan for Oak Hills West Apartments in Lorain, Ohio.
Image courtesy of Grandbridge Real Estate Capital
