Kansas City, MO
In 2019, Lima One Capital financed this multifamily project that has a total of 192 units. The property was refinanced and is in need of value-add rehab.
From our press release on this deal:
Lima One Capital, the nation’s premier lender for real estate investors, recently closed a $12.4 million loan for a multifamily property in the Kansas City, Missouri, market.
This apartment community, built in 1940, is located in the Kansas City metropolitan area and features studio, one, and two-bedroom floor plans. The property owner, an established local multifamily investment company, said the loan proceeds would be used to significantly improve the property, add tenant amenities, and upgrade all 192 units.
Lima One was able to offer an interest-only bridge loan with no prepayment penalty to the sponsor company, which owns more than 700 multifamily units in the Kansas City market and specializes in Class B and Class C workforce rental housing.
“This value-add project provides a great upside in value because it’s in a gentrifying area. It’s a heavy lift of a project, but Lima One recognized that our experienced sponsor can turn this into a big success. Lima One is excited to be a part of this new community in Kansas City,” said Andrew Shook, Head of Commercial Real Estate Lending at Lima One Capital.
“This project is indicative of the industry-leading multifamily loans Lima One provides our national client base,” said Jeff Tennyson, Lima One Chief Executive Officer. “Our efficient process, streamlined underwriting, and elite customer service helps our clients improve their communities and create new and affordable housing options like this one in the Midwest.”