Adaptive Reuse Project in Kansas City Lands $33M Loan
- Jun 24, 2019
Worcester Investments has received a $33 million loan for Flashcube Apartments, a 184-unit multifamily property being redeveloped in the city’s urban core. Berkadia Managing Director John Schorgl originated the renovation and repurposing loan through Boston-based UC Funds. The two-and-a-half-year refinancing has an adjustable and interest-only rate through the term of the loan.
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Located at 720 Main St., the former 207,421-square-foot Commerce Bank Executive Office building is near interstates 35 and 70 as well as retail and other conveniences within downtown Kansas City. Once completed, the adaptive reuse project will offer a mix of studios, one-, two- and three-bedroom floorplans. The high-rise is set to include a game room, basketball court, fitness center, pickleball court, indoor soccer, lounge, bike storage and dog run.
According to The Kansas City Star, the office building has been vacant for years. In 2018, the locally-based developer announced it intends to invest nearly $70 million to convert the structure into apartments, amenities and office space for the company. Worcester Investments also offered to build more affordable housing units at the property in exchange for a break on labor costs. The company broke ground on the project in January 2019 and construction is anticipated to take between 12 and 18 months.