KANSAS CITY, Mo. – November 17, 2021 – Berkadia announced today the financing secured for Flashcube, a 184-unit high-rise multifamily property in Kansas City, Missouri. Managing Director John J. Schorgl of Berkadia Kansas City secured $35 million in refinancing on behalf of the borrower, Missouri-based Worcester Investments. The deal closed on November 12.
The two-year bridge loan financed through Berkadia features a floating interest rate and is interest only.
“This bridge loan was a perfect fit as it allowed the asset to continue to stabilize and cut the borrower’s current debt service in half,” said Schorgl.
Located at 720 Main St., Flashcube features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers, walk-in closets and air conditioning. Community amenities include a fitness center, a dog park, a tennis court and a lounge. Residents are afforded convenient access to the Missouri River, downtown Kansas City and Interstate 70.