UC Funds Closes $33 Million First Mortgage Loan for Mixed-Use Redevelopment in Kansas City, Missouri
Firm completes its latest adaptive reuse transaction in a key emerging market
Boston, MA – June 20, 2019 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of its $33 million first mortgage loan for the mixed-use redevelopment of a local landmark, the Flashcube, a former office building located in downtown Kansas City. The nine-story asset is listed on the National Register of Historic Places.
UC Funds’ loan financed the Sponsor’s plan to convert the building into a 184-unit Class A multifamily property over 1,650 square feet of ground-floor commercial space.
“The Flashcube transaction illustrates UC Funds’ ability to finance complex loans. It involved numerous forms of incentive financing that traditional lenders often can’t advise on,” said Daniel Palmier, Founder and CEO of UC Funds. “Our unique expertise in tax-credit financing enabled a seamless closing, further positioning UC Funds as a top lender able to structure multifamily financing at any level. Given the Sponsor’s local expertise and our broad experience we expect a successful outcome and look forward to future Midwestern collaborations.”
The Sponsor has commenced construction on the multifamily project with building permits in hand and the new mixed use will be complete early 2023.