January 3 – Kansas City Star – Redevelopment of empty office tower in downtown KC gets a financing boost
by Diane Stafford (Stafford @kcstar.com)
PACE Sage arranged a $2.4M PACE financing as part of the equity stack for a $36M conversion of the historic 12-storey Brookfield Building in downtown KC from an empty office building to an Indigo Hotel and market rate apartments.
The building had been completely empty since 2007 and the PACE financing helped fill a financing gap in the equity stack. Equity Bank and the other Construction Loan participants consented to the PACE financing.
PACE Sage was able to obtain an additional $440,000 above the $1.7M of PACE funds that our client originally applied for.