KC Community Lands $56M Loan
Dwight Mortgage Trust provided the financing.
Landmark Realty has obtained a $56 million bridge loan for its Willow Creek Apartments in Kansas City, Mo. The bridge loan was originated by David Scheer and provided by Dwight Mortgage Trust, the affiliate REIT of Dwight Capital.
Loan proceeds are set to be used to refinance existing debt, complete remaining construction costs, cover closing costs and fund required escrows.
Located at 201 W. 99th Terrace, Willow Creek Apartments is a 998-unit, garden-style community completed in two phases. The first came online in 1971 and the other was completed in 1986.
Spanning almost 70 acres, the property incorporates 43 residential buildings and provides renters with a selection of one-, two- and three-bedroom homes. The community was 86.3 percent occupied at the time of the transaction, Yardi Matrix data shows.
Features and finishes of units include private balconies or patios, large closets, high-speed Internet access and, in select units, fireplaces and washer/dryer hookups. Common-area amenities include a fitness center, clubhouse with business center, two swimming pools, racquetball and tennis courts and garage parking.
READ ALSO: Kansas City Multifamily Report
Located near major thoroughfares, including Interstate 435 and Highway 71, Willow Creek Apartments provides residents with convenient access to important submarkets in the Kansas City area. Downtown Kansas City is approximately 11 miles north of the community.
The location puts residents within a 6- to 16-minute drive of four colleges and universities, including the Kansas City Art Institute and the University of Missouri Kansas City. As for shopping, The Shops at Willow Creek are a 10-minute walk away, while Gomer’s Corner Shopping Center is within a 14-minute walk of the property.
Park and recreation lovers will find five parks within 8 miles. Willow Creek Apartments is also situated in proximity to health care, with St. Joseph Medical Center and Kansas City Orthopedic Institute nearby.
Earlier this month, a developer closed on financing for Oak Park Townhomes, an affordable multifamily community in Kansas City, Mo. The 35-unit community has homes reserved for residents earning at or below 40, 50 and 60 percent of Area Median Income. It is located roughly 5 miles southeast of downtown Kansas City.
