KANSAS CITY – Lima One Capital, the nation’s premier lender for real estate investors, recently closed a $12.4 million loan for a multifamily property in the Kansas City, Missouri, market.
This apartment community, built in 1940, is located in the Kansas City metropolitan area and features studio, one, and two-bedroom floor plans. The property owner, an established local multifamily investment company, said the loan proceeds would be used to significantly improve the property, add tenant amenities, and upgrade all 192 units.
Lima One was able to offer an interest-only bridge loan with no prepayment penalty to the sponsor company, which owns more than 700 multifamily units in the Kansas City market and specializes in Class B and Class C workforce rental housing.
“This value-add project provides a great upside in value because it’s in a gentrifying area. It’s a heavy lift of a project, but Lima One recognized that our experienced sponsor can turn this into a big success. Lima One is excited to be a part of this new community in Kansas City,” said Andrew Shook, Head of Commercial Real Estate Lending at Lima One Capital.
“This project is indicative of the industry-leading multifamily loans Lima One provides our national client base,” said Jeff Tennyson, Lima One Chief Executive Officer. “Our efficient process, streamlined underwriting, and elite customer service helps our clients improve their communities and create new and affordable housing options like this one in the Midwest.”
About Lima One Capital:
Headquartered in Greenville, South Carolina, Lima One Capital is a specialty mortgage finance company, founded by Marines, that specializes in providing customized real estate loans to real estate investors across the nation. Lima One currently finances over $1 Billion annually in business purpose loans. Lima One’s core loan products are Rental30, a 30-year, fixed-rate, fully amortizing loan for purchasing or refinancing residential rental properties; FixNFlip, a 13-month bridge loan for investors who are buying, renovating, and selling properties; and a Multifamily bridge program for the purchase or refinance of 5+ unit multifamily properties. For more information, visit limaone.com.