Greystone Provides Freddie Mac Loan for Affordable KC Asset

Keith Hires, managing director in Greystone’s Atlanta office, obtained the acquisition loan for Alcazar Apartments, a 142-unit community in the southern part of the city.
Alcazar Apartments
Alcazar Apartments

Greystone has arranged a $4.6 million loan for the purchase of Alcazar Apartments in Kansas City, Mo. The company’s managing director of its Atlanta office, Keith Hires, obtained the loan via Freddie Mac’s Targeted Affordable Housing platform. According to Yardi Matrix data, Triumph Housing Management owns and manages the 142-unit community.

Located at 3906 Baltimore Ave., Alcazar Apartments is in southern Kansas City, providing access to Interstate 35 as well as several retail options. The property consists of a seven-story building and two four-story buildings, which include 75 affordable units. The unit mix comprises 34 studios, 94 one- and 14 two-bedroom apartments.

“At this point in the market where there is a severe lack of affordable and workforce housing being created, much less being maintained and preserved, we are pleased to provide the financing to ensure Alcazar provides a safe and affordable home for hundreds of residents for years to come,” said Hires, in prepared remarks. Recently, Hires also secured a $21 million Fannie Mae loan for two multifamily communities in Georgia.

Image courtesy of Yardi Matrix

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