KANSAS CITY, MO—Garrison Community Development, owner of the 224-unit Cold Storage Lofts affordable housing property here has gained $11.8 million in first mortgage refinancing.
The property, a former cold storage facility built in the 1920s, is at 500 E. Third St. in the River Market neighborhood. This six-story building was constructed in 1922 as a refrigerated warehouse and converted to 224 loft-style apartments in 2007. The property features underground parking with a rooftop swimming pool and jogging track.
Greg Duvall, senior vice president and managing director of NorthMarq’s regional office, arranged the loan. Financing was based on a 10-year term and a 30-year amortization schedule through Freddie Mac’s Targeted Affordable Housing Program.