The Rochester Affordable Housing

Borrower Name
The Rochester, LLC
Partners Participation Loan Amount
$552,000
Total Loan Amount
$8,737,000
The Rochester Affordable Housing 2021
Project Name

The Rochester

Location
Kansas City , MO
Loan Summary

The Rochester will be an apartment community that promotes healthy lifestyles and intergenerational living in a neighborhood with a 24% poverty rate and an unemployment rate 1.39 times the national average.

Loan Purpose: Construction

Project: Affordable rental housing

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: Rochester, LLC, a single-asset entity, exists to build and operate The Rochester. Community Builders of Kansas City (CBKC), the guarantor, focuses on community-centered projects that include quality, affordable housing, and urban renewal. CBKC operates over 700 housing units.

Loan Details: Partners, 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.