Hunt Capital Partners, Riverstone Platform Partners and Kansas City Metropolitan Lutheran Ministry have closed financing for a $17.1 million rehabilitation of The Alexandria, a 55-unit affordable housing community in Kansas City, Missouri.
The property is located at 1328 E. Armour Boulevard and consists of two four-story buildings originally constructed separately in 1923.
The buildings were later connected through a shared elevator and lobby system and were most recently renovated using Low-Income Housing Tax Credit equity in 2006.
The Alexandria was 94% occupied at the time of the financing and had a waiting list of six qualified households.
The project will preserve 55 studio, one-bedroom and two-bedroom homes serving households earning up to 30% and 60% of area median income.
All 55 homes will be covered by a 20-year Project-Based Section 8 Housing Assistance Payment contract.
The property has historically operated under a Section 8 HAP agreement that expires in 2029 and is expected to be renewed for another 20 years.
Planned improvements include upgrades to security, a secured and gated parking lot, building access and video surveillance.
Residents will also have access to voluntary supportive services including budget counseling, employment coaching, housing stabilization assistance and health and wellness programs.
The capital stack includes $9.1 million of federal Low-Income Housing Tax Credits syndicated by Hunt Capital Partners and $6.4 million of state Low-Income Housing Tax Credits syndicated by Monarch Private Capital.
UMB Bank provided a $13 million construction loan, while Cedar Rapids Bank & Trust provided a $4.5 million permanent loan.
KEY QUOTES:
“We are honored to once again work alongside Riverstone Platform Partners, Metropolitan Lutheran Ministry, and UMB Bank to provide affordable housing in the Kansas City metro area. The rehabilitation of The Alexandria will preserve homes for families who need them the most.”
Jeff Weiss, President of Hunt Capital Partners
“Every week we see another affordable property somewhere in this country convert to market rate, drop out of its HAP contract or get run into the ground by an owner who has stopped reinvesting. The Alexandria is proof that there’s another way. The team stepped in, rebuilt the capital stack, and recommitted this property to affordability for decades. Fifty-five families get to stay in their homes, in their neighborhood, without the fear of displacement, and that’s the whole point of this work.”
Kelley Hrabe, Founder and Managing Partner of Riverstone Platform Partners
“We are proud to be the nonprofit partner of The Alexandria development that is not only preserving 55 homes of affordable housing but transforming them into beautiful places to live. We are excited to add this to our ever-growing portfolio of affordable housing.”
Scott Cooper, Executive Director of Kansas City Metropolitan Lutheran Ministry
“UMB is excited to play a role in the redevelopment of The Alexandria. Preserving buildings like The Alexandria is a great way to provide affordable housing to areas that are in need as housing costs continue to rise. We are proud to support the redevelopment of The Alexandria and to monitor construction progress in the coming months!”
Brady Ridnour, Vice President at UMB Bank
