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| Walnut Tower, a 180-unit, high-rise multi-housing community located at 722 Walnut Street in downtown Kansas City, MO |
DENVER, CO– JLL Capital Markets has arranged term acquisition financing for Walnut Tower, a 180-unit, high-rise multi-housing community located in downtown Kansas City, Missouri.
JLL represented the borrower, a joint
venture between Peakview Investments and Infinite Waters, to secure the
seven-year, interest-only, fixed-rate loan through Freddie Mac Multifamily.
The loan will be serviced by JLL Real Estate
Capital, LLC, a Freddie Mac Optigo℠ lender.
Built in 1963 and fully renovated in 2012,
Walnut Tower features studio, one- and two-bedroom floorplans.
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| William Haass |
Community amenities include a clubhouse, a roof terrace with cityscape views, fitness center, lounge, package service and controlled access, among others.
The property presents an opportunity for
significant potential, as Walnut Tower is a Class B asset in an A+ location.
The joint venture has programmed a
comprehensive business plan to further position Walnut Tower as the premier
attainable housing community in downtown Kansas City.
The
business plan includes renovations to unit interiors and common area
activation, along with a change of management.
“We are ecstatic to launch our joint venture with Walnut Tower,” said Josh Simon, Principal of Infinite Waters. “The asset and its position in the market really resonated with our acquisition criteria and investors.
"We are eager to start executing our
business plan and enhancing our resident’s home experience.”
“JLL provided us great financing options
in a very turbulent time,” said Jonathan Polster, Founder &
Principal of Peakview Investments.
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| Jonathan Polster |
"We
had a tremendous experience with the JLL Capital Markets team lead by William
Haass.”
Situated at 722 Walnut St., Walnut Tower is ideally located in the high-growth and revitalized Downtown Kansas City submarket.
The Property is central to many of Kansas City’s largest employment centers, notable retailers and a vast array of entertainment amenities.
Walnut Tower is walkable to the burgeoning Kansas City River Market, offering waterfront shopping and distinctive gourmet dining options, along with the Power and Light District, which is one of Kansas City’s top entertainment districts.
Walnut Tower is also positioned directly adjacent to the coveted KC Streetcar Line, providing residents convenient access to sought-after Downtown destinations.
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| Josh Simon |
“Walnut Tower is a great example of how buyers can still achieve accretive financing in the current environment,” said Haass,
“The property’s natural
affordability made it an exceptional candidate for agency financing, with both
Fannie and Freddie offering numerous credit waivers on their initial quotes,
allowing for Peakview Investments and Infinite Waters to take advantage of an
accretive blend of interest-only term and proceeds.”
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CONTACT:
Jenna
Sharp
JLL Associate
Public Relations
Phone: +1
214 394 3356
Email: Jenna.Sharp@am.jll.com
https://www.brooklineig.com/ .
