Boston Developer Lands $30M Construction Loan for Missouri Multifamily Development
Danielle Balbi June 3, 2016, 12:39 p.m.
Nebraska-based Mutual of Omaha Bank lent $29.5 million to an affiliate of global real estate investor and developer Taurus Investment Holdings for the construction of Kinsley Forest, a six-building rental development in Kansas City, Mo., Commercial Observer can first report.
A team of Cushman & Wakefield Debt & Structured Finance brokers, including John Alascio, Chris Moyer and Alex Lapidus, arranged the financing, which carries a five-year term and a floating rate.
Taurus has held the site, which sits on the southwest corner of I-169 and Northeast Englewood Road, for more than a decade. In 2005, the company sold a 50-acre portion of the total 111-acre property to Pulte Homes for the development of single-family residences and townhouses, according to Taurus’ website.
“Taurus is very excited to add Kansas City to its development portfolio,” Peter Merrigan, a founding partner and chief executive officer of Taurus, said in prepared remarks. “We plan on further expanding our presence in the Northland submarket, as this multifamily community will serve as the first of multiple development phases on the Kinsley Forest site, including commercial and future residential uses.”
Once Kinsley Forest is completed, it will house 328 apartments across the six four-story buildings. Amenities will include a pool, fitness center and media room. The development is 15 minutes away from downtown Kansas City.
“Multifamily continues to be a favored asset class for banks. The strong fundamentals of Kansas City complimented by best-in-class Sponsorship delivered excellent terms in a competitively marketed process,” Alascio of C&W said.
A representative for Mutual of Omaha Bank could not be reached.