Loan at a Glance:
PCG, through its GAP loan program, provides a $552,000 subordinate construction loan and Local Initiatives Support Corporation (LISC) provides pari passu subordinate construction loans that fill a funding gap and allow the project to proceed as planned. Simmons Bank and Central Bank of Kansas provide a senior $7,500,000 construction loan.
Project Summary:
The loans fund the construction of an affordable housing project that provides 64 housing units serving 161 individuals. All anticipated units are affordable at up to 80% AMI.
Borrower Summary:
Rochester, LLC, a single-asset entity, exists to build and operate The Rochester: a 64-unit affordable apartment complex. Community Builders of Kansas City (CBKC), the guarantor, focuses on community-centered projects in that include quality, affordable housing, and urban renewal. CBKC operates over 700 housing units.
Loan Result:
The apartment community will promote healthy lifestyles and intergenerational living in a neighborhood with a 24% poverty rate and an unemployment rate 1.39 times the national average.