Berkadia Arranges $32.9M Financing for Apartment Conversion Project in Kansas City
KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year loan provided by Boston-based UC Funds. Missouri-based WI Flashcube LLC was the borrower. The developer plans to reserve 40 units for affordable housing. These units will rent for an average of $1,187 per month, according to CityScene KC. The building is nicknamed “flashcube” because of its reflective glass exterior. It has been vacant for more than a decade.