After a year-long partnership with Gold Crown Properties, Inc., we are pleased to announce the grand opening of one of our latest projects, East 9 at Pickwick Plaza, a luxury apartment and retail community in Kansas City, Missouri. The team at UC Funds worked hard to structure a loan that would work for such a large-scale redevelopment. The borrower came to us after being let down by previous lenders, and it took us about a year to close the $30 million first mortgage loan for the project. With a total of $57 million capital stack, we were able to cover the redevelopment of four buildings, which take up an entire city block. We also helped the borrower arrange federal tax credits for redevelopment through the National Park Service.
East 9 at Pickwick Plaza has an incredible story. The four original buildings include an 11-story hotel, originally constructed in the 1930s, which was a home away from home for many presidents who visited Kansas City over the years. The other buildings are made up of a former bus terminal, a former office building, and a former parking garage. Now, after 22 months of construction, all four buildings are completely renovated, and astonishingly upgraded with locally-sourced artwork, chandeliers, sconces, and signage.
East 9 at Pickwick Plaza’s first floor consists of more than 35,000 square feet of retail space, which is located directly under 260 apartments. Each small unit is decorated with top end finishes, and residents will be blown away by the amenity package, which includes a fitness center, community rooms, a swimming pool, a business center, wine lockers, and a tasting room. The units are already 60 percent leased, and will likely be fully leased by the end of 2017. The new asset has attracted many millennials who finally have a place to live in downtown Kansas City that fits their needs. We expect that East 9 at Pickwick Plaza will contribute greatly to the revitalization that this area is currently seeing.
This spectacular renovation is sure to wow Kansas City residents, and we are proud of our relationship with Gold Crown Properties and their President, Tom Smith, which brought this redevelopment to life.