Berkadia recently closed 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.
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 to 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.
