In May 2018, CDT funded a $5.8 million permanent loan to Columbus Park Lofts, a newly constructed 108-unit family community located in Kansas City, Missouri. The five-building development targets, but is not restricted to, individuals/households employed within the arts, design or media industries. Community amenities include a laundry facility, leasing office, community room, computer stations and art studio space. a mixed income community servicing a combination of affordable households up to 60% area median income and market rate tenants.
Columbus Park Lofts is located in the Columbus Park District in Kansas, an area of the city undergoing redevelopment. The Columbus Park district is gaining a reputation as an area for local artists setting up studios. Columbus Square Park, located near the project, has a plan in place to upgrade amenities, lighting and area services to make the park more attractive for local residents. To the west of Columbus Park is the River Market district, consisting of historic buildings converted to residential and retail uses. The primary feature of the River Park district is the Farmer’s Market that serves as a draw for residents of the metro area.
The property was developed jointly by Columbus Park Developers, L.C. and Prairie Fire Development Group, LLC. CDT currently has other financing commitments with Prairie Fire. In addition to CDT’s permanent loan, Columbus Park Lofts was financed with LIHTC credits syndicated through Aegon USA Realty Advisors. Sterling Bank provided the construction loan to the project.