Canyon Capital Provides $25.5M Bridge Loan for Kansas City Condo Project
- Apr 21, 2010
April 21, 2010
By Allison Landa, News Editor
Canyon Capital Realty Advisors has provided $25.5 million in financing for a condominium project in Kansas City, Mo. The senior bridge loan was made to Park Place KC, LLC to purchase an existing construction loan along with completing the remaining unsold 85 condominiums at One Park Place, a 20-story building designed by Skidmore, Owings & Merrill.
Those funds will finance the completion of the interior finishes on the remaining units as well as the launch of a marketing campaign. Construction is slated to begin immediately and units will be available for purchase later this spring. Improvements already completed include the rehabilitation of the building’s façade, replacement of all windows, mechanical, engineering, and plumbing systems, and installation of amenities such as swimming pools, a fitness center, and wine storage and tasting facilities.
Other amenities include a 10-year property tax abatement, massage room, media lounge, biometric security, and around-the-clock staff.
Originally built in 1963 as the corporate headquarters for an insurance and financial services firm, the building has been converted to residential condominiums. It is listed as the youngest building on the National Historic Register.
Canyon Capital and its affiliate Canyon Capital Advisors LLC are registered investment advisors and money management firms based in Los Angeles, with approximately $17 billion of capital under management. Canyon has completed 229 real estate and mortgage transactions totaling more than $3.7 billion of invested capital, including origination of senior, mezzanine and bridge loans, note acquisitions, recapitalization of partnerships, and the acquisition of more than 12 million square feet of real estate.