JLL Secures Acquisition Financing for Kansas City Skyscraper – Multifamily Real Estate News
Peakview Investments and Endless waters purchased Walnut Tower, a 180-unit multi-family community in Kansas City, Missouri. JLL Capital Markets secured a seven-year, interest-only, fixed-rate acquisition loan through Freddie Mac Multifamily. JLL represented the borrower and also managed the loan.
Completed in 1963, Walnut Tower is a high-rise property featuring studio, one-, and two-bedroom units ranging from 441 to 725 square feet. Communal facilities include a fitness center, clubhouse, rooftop terrace, controlled access, and laundry facilities. In 2012, the community was completely renovated, but the new owner’s business plan aims to modernize the interior of the units and the amenities of the common areas, and to change the management.
Located at 722 Walnut St. in downtown Kansas City, the Class B property is close to Interstates 35, 70, and 670. The area offers many retailers, restaurants, and entertainment venues such as the Power and Light District. Green spaces such as Ilus W. Davis Park, Barney Allis Plaza and Columbus Square Park are within a one mile radius of the property. The Truman Medical Center Hospital Hill and the Children’s Mercy Adele Hall campus are only 7 minutes away by car.
Recently, JLL Capital Markets secured a five-year, $150 million variable rate refinance loan for LVL North, a 410-unit mixed-use community in Philadelphia.