KANSAS CITY, Mo. – June 21, 2019 – Berkadia today announced the financing of Flashcube Apartments, a high-rise multifamily property being redeveloped in Kansas City, Missouri. Managing Director John Schorgl of Berkadia’s Kansas City office originated the $32.95 million redevelopment loan through Boston-based UC Funds. The financing was secured on behalf of Missouri-based WI Flashcube LLC, and the deal closed on June 10.
The two-and-a-half-year renovation and re-purpose loan has an adjustable rate and interest-only through the term of the loan.
“This was a very complex deal that we were able to close in just 60 days,” said Schorgl. “It was no small feat and is a true testament to the tenacity, teamwork and wherewithal of everyone involved.”
Located at 720 Main St., the former Commerce Bank Executive Office building affords convenient access along both the North and South stops of the streetcar and is near both Interstates 35 and 70, in addition to the immediate access of storefronts and other conveniences within the downtown Kansas City area. The redevelopment of this property will create 184-units of studio, one-, two- and three-bedroom floor plans with high-quality finishes. Construction began in January 2019 and is anticipated to take 12-18 months to complete. Once finished, community amenities will include a game room, a basketball court, a fitness center, a pickleball court, indoor soccer, a lounge, bike storage, a dog run and controlled access.