PACE Equity recently completed funding as part of a complex capital stack for the redevelopment of downtown Kansas City’s ironic Flashcube building. The building’s sponsor, Worcester Investments, will turn the former Executive Plaza Office Building, which sat vacant for more than 12 years, into a 184-unit multifamily luxury apartment building.
The building will feature 35,000 square feet of commercial space for office and retail tenants. The total capital stack for the Flashcube redevelopment was more than $59 million and contained a number of sources including federal and state historic tax credits, a tax credit bridge loan, a construction loan, two forms of tax abatement and capital from the sponsor and PACE Equity.
PACE Equity completed the project’s capital stack with $4.1 million in addition to nearly $18 million in state and federal histroic tax credits, a $33 million construction loan, a $13 million tax credit bridge loan and $7 million of sponsor equity.