Daniel Palmier, President and CEO of UC Funds announced today the funding of a $30 million adaptive re-use bridge loan for the conversion of three vacant buildings and a parking garage into a 260-unit, mixed-use project with an additional 26,000 SF of retail and 6,500 SF of office space in downtown Kansas City, Missouri. He plans to spend additional funds to market Kansas City extensively.
The project comprises three vacant buildings and a parking garage ranging from four to 11 stories. Upon completion, the 260 Class A units will offer a best in market amenity package including a swimming pool, business center, fitness center and community room. The property is located in downtown Kansas City, which has undergone major revitalization over the last decade through $6B in public and private capital investment.
The property is also in close proximity to large employment drivers and will provide desirable downtown housing for the growing city population.
Daniel Palmier, UC Funds said, “UC Funds is excited to finance our third transaction in Kansas City with a heavy adaptive re-use component. This transaction featured a complex tax incentive structure which provided our partners with a fast, flexible and reliable capital solution.”