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LoansMidwestMissouriMultifamily

Flaherty & Collins Receives $46.8M Loan for Refinancing of The Yards Apartment Complex in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Flaherty & Collins Properties has received a $46.8 million HUD 223(f) loan for the refinancing of The Yards, a luxury apartment complex in the Stockyards District of Kansas City that opened in May 2020. The Yards consists of 232 apartment units, 3,150 square feet of commercial space and more than 9,500 square feet of amenity spaces. Kevin Muesenfechter and Ali Rode of Gershman Investment Corp. originated the loan. The HUD financing replaces the construction debt provided by Citizens Bank, Equity Bank and First National Bank of Omaha. Flaherty & Collins plans to build a second phase of the development.

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LoansMidwestMissouriMultifamily

Ready Capital Closes $39.6M Acquisition Loan for Multifamily Portfolio in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Ready Capital has closed a $39.6 million loan for the acquisition, renovation and stabilization of a 258-unit multifamily portfolio in Kansas City’s central business district. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, exteriors and common areas at each of the four properties. The nonrecourse, floating-rate loan features a three-year term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.

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DevelopmentIndustrialMidwestMissouri

IMPACT Strategies to Construct Two Spec Industrial Buildings at Fenton Logistics Park in Missouri

by Kristin Harlow

FENTON, MO. — U.S. Capital Development has selected IMPACT Strategies to build two new speculative industrial buildings at Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. Building 6A will span 125,000 square feet, while Building 6B will total 160,000 square feet. Completion of both buildings is slated for the fourth quarter of this year. IMPACT is also handling site development for earthwork, utilities, parking lots and landscaping. Fenton Logistics Park is the redevelopment of a former Chrysler plant that will span more than 2.5 million square feet upon full buildout.

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AcquisitionsIndustrialMidwestMissouriOffice

ElmTree Funds Acquires Seven Industrial, Office Properties for $800M

by Kristin Harlow

ST. LOUIS — St. Louis-based ElmTree Funds has acquired seven industrial and office properties across the U.S. for approximately $800 million. The single-tenant, net-leased properties span 3.2 million square feet and are fully leased with a weighted average lease term of 13.7 years. The assets are in markets such as Minneapolis, Seattle and Raleigh. ElmTree, a real estate private equity firm that manages capital on behalf of institutional and private investors, made the acquisitions in the first quarter of 2022.

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LoansMidwestMissouriMultifamily

Dwight Capital Provides $27.2M HUD-Insured Loan for Construction of Kansas City Apartment Complex

by Kristin Harlow

KANSAS CITY, MO. — Dwight Capital has provided a $27.2 million HUD 221(d)(4) loan for the construction of The Apartments at Westport Commons in Kansas City. The 138-unit apartment project will be built on the site once occupied by Westport High School. The school closed in 2010 and the site was placed on the National Register of Historic Places in 2015. Kansas City Public Schools Repurposing Initiative acquired the site. Locally based Brain Group and Mercier Street are the developers. Amenities will include a clubhouse, leasing office, business center, fitness center, dog park, cinema, community rooms, concierge services and 24,000 square feet of commercial space. The project will utilize state and federal historic tax credits in addition to the debt financing from Dwight. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property will qualify as green or energy-efficient housing under the LEED program. Steven Hunt of Dwight originated the loan.

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AcquisitionsHealthcareMidwestMissouri

Montecito Medical Acquires 15,000 SF Surgery Center in St. Joseph, Missouri

by Kristin Harlow

ST. JOSEPH, MO. — Montecito Medical has acquired the St. Joseph Outpatient Surgery Center building in St. Joseph, about 55 miles north of Kansas City. The purchase price and seller were undisclosed. The nearly 15,000-square-foot property is fully leased to St. Joseph Outpatient Surgery Center. Four physician assistants, 19 surgeons and 12 anesthesia providers practice at the facility. The surgeons perform procedures in a variety of specialties, including orthopedics; gastroenterology; plastic surgery; ears, nose and throat (ENT) and podiatry. The facility includes four operating rooms, two procedure rooms and recovery rooms. Montecito Medical is a privately held company specializing in healthcare-related real estate acquisitions and funding for development.

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DevelopmentMidwestMissouriMultifamily

Draper and Kramer Begins Pre-Leasing 225-Unit Apartment Development in St. Louis

by Kristin Harlow

ST. LOUIS — Draper and Kramer Inc. has begun pre-leasing Moda at The Hill, a 225-unit apartment development in The Hill neighborhood of St. Louis. Residents can begin moving in this summer. The four-story building offers units that range in size from 600 to 1,200 square feet. Monthly rents start at $1,270. Amenities include a fitness center, game room, coworking spaces, grilling stations, fire pits, pool and hot tub. Moda at The Hill is part of a larger 11-acre master plan led by Draper and Kramer that includes single-family homes by McBride Homes and a community park.

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AcquisitionsMidwestMissouriRestaurantRetail

Marcus & Millichap Negotiates $3.1M Sale of Chipotle-Occupied Property in St. Louis

by Kristin Harlow

ST. LOUIS — Marcus & Millichap has negotiated the sale of a Chipotle-occupied retail property in St. Louis for $3.1 million. The 2,415-square-foot building, located at 3547 Hampton Ave., features a “Chipotlane” drive-thru. Chipotle opened for business at the location in 2020. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. The buyer was not disclosed.

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Leasing ActivityMidwestMissouriOffice

Hunt Midwest to Occupy Second Floor of Corrigan Station II in Kansas City, Missouri

by Kristin Harlow

KANSAS CITY, MO. — Commercial real estate firm Hunt Midwest will take occupancy of the entire second floor of Corrigan Station II in Kansas City beginning this summer. The newly constructed office building rises three stories and spans 22,910 square feet at 1881 Main St. Hunt Midwest will utilize the space as a satellite office for its main headquarters, which is located in SubTropolis, an underground business park in Kansas City. Copaken Brooks owns Corrigan Station II, which offers direct access to one of the city’s streetcar stops. John Coe and Ryan Biery of Copaken Brooks represented ownership, while Hunt Midwest was represented by its management team.

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AcquisitionsMidwestMissouriMultifamily

CBRE Arranges Sale of 126-Unit Luxury Apartment Community in Downtown Kansas City

by Kristin Harlow

KANSAS CITY, MO. — CBRE has arranged the sale of Arterra, a 126-unit luxury apartment community in Kansas City’s Crossroads Arts District. An affiliate of a Florida-based sovereign wealth fund purchased the property from Arterra LLC, a joint venture between St. Louis-based Altus Properties and Kansas City-based Copaken Brooks. The sales price was undisclosed. Jeff Stingley and Max Helgeson of CBRE represented the seller. Arterra features amenities such as a sun terrace deck, infinity pool, Luxor package system, fitness center and attached parking structure.

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