KANSAS CITY, MO. — Hunt Capital Partners, in partnership with Riverstone Platform Partners and Kansas City Metropolitan Lutheran Ministry (MLM), have secured $17.1 million in financing for the rehabilitation of The Alexandria, an affordable housing property at 1328 E. Armour Blvd. in Kansas City, Missouri.
Riverstone Platform Partners will serve as lead developer, and MLM will serve as co-developer. The project encompasses 55 new units in two four-story buildings originally constructed separately in 1923 and later connected with a shared elevator and lobby system serving all four levels.
The community was last renovated with Low-Income Housing Tax Credit (LIHTC) equity in 2006. The property’s Section 8 Housing Assistance Payments (HAP) contract, set to expire in 2029, will be renewed for an additional 20 years.
Upon completion, The Alexandria will consist of studio, one- and two-bedroom units serving households earning up to 30 and 60 percent of area median income (AMI). Supportive services range from budget counseling, employment coaching, housing stabilization support and health and wellness. Amenities include a secured and gated parking lot, secure building access, central laundry, a courtyard, on-site management and a picnic area.
Financing for this project includes $9.1 million in federal LIHTCs syndicated by Hunt Capital Partners and $6.4 million state LIHTCs syndicated by Monarch Private Capital. UMB Bank provided a $13 million construction loan, and Cedar Rapids Bank & Trust provided a $4.5 million permanent loan. A completion date was not disclosed.