UC Funds recently celebrated the opening of East 9 at Pickwick Plaza, in Kansas City, Missouri, and we’re delighted at the levels of excitement for this luxury apartment and retail community. We worked closely with the sponsor, Gold Crown Properties, Inc., structuring a $30 million first mortgage loan for the project, with a total of $57 million capital stack.
Four buildings, which take up an entire city block, were redeveloped over the course of 22 months. Construction is now complete, resulting in an incredible renovation. East 9 at Pickwick Plaza consists of more than 35,000 square feet of retail space, located directly under 260 apartments. 80 percent of the immaculately finished units are roughly 500 square feet in size.
The building itself is fully amenitized. The beautiful lobby is adorned with locally-sourced artwork, as well as ornate chandeliers, sconces, and signage, crafted by Kansas City’s own Joe Munson. Residents will have access to a year-round heated and cool soft water pool, a wine locker and tasting area, and a 6,000-square-foot gym with first class equipment. The Harry Truman Living Room is a warm and relaxing common area with a pool table and a full kitchen. There is also an event dining space available, which fits up to 30 people.
Video Credit: www.GoThirdrail.com
East 9 at Pickwick Plaza is a phenomenal addition to Kansas City, already attracting millennials looking for access to such a centrally located luxury residence. We expect the asset to spur increased development throughout the area, and applaud Tom Smith, President of Gold Crown Properties, on this significant accomplishment.
