BOSTON--(BUSINESS WIRE)--CPR Money is proud to announce the funding of a $7.75MM acquisition and rehabilitation first mortgage loan in Kansas City, MO. The funds will be used in part to purchase a 304-unit, 60-building multifamily property spread across 30 acres. The sponsor’s business plan will bring 120 down units on-line and provide for property renovations including upgraded HVAC, electrical and plumbing systems, as well as improved façade and interior finishes. Upon completion, the spacious townhome-style units will represent a best-in-class asset in the area.
The multifamily property is located four miles east of downtown Kansas City. Kansas City has experienced recent revitalization from $6 billion in capital investment and strong population growth over the last decade. This property will benefit from the strong demand for workforce housing in East Kansas City, with a highly liquid sales market. Underwritten rents provide a high level of value to potential renters in the market, and create ample cash flow due to the sponsor’s low acquisition basis.
Dan Palmier, President & CEO of CPR Money, said of the transaction “Kansas City is a great market for entrepreneurial real estate investing. This deal represents what CPR Money does best: see the value in a sponsor’s vision and quickly provide hassle-free capital to help them close the deal.”
CPRmoney provides quick, hassle-free capital based on the value of your commercial real estate asset. For more information or to contact one of our Micro Loan Specialists, refer to our website (http://cprmoney.com).
