Brown Gibbons Lang & Company (BGL) announces the financial closing of West Bottoms Flats for its client, MCM Company, Inc. (MCM). The multi-faceted capital structure will restore five historic buildings which together comprise nearly an entire city block in the emerging West Bottoms neighborhood in Kansas City, Missouri. BGL worked collaboratively with Grandbridge Real Estate Capital on the mortgage placement and RSM US to structure and place the Historic Tax Credit investments for MCM.
MCM is a real estate development, owner’s representation, and project management firm founded by Melissa Ferchill in 1992. Following the refinancing of Heinz at 950 North Shore in December 2018, West Bottoms Flats represents the fifth transaction that BGL has advised for the Ferchill family.
Melissa Ferchill, Owner/ President of MCM, commented: “We seek out projects in emerging areas like the West Bottoms because it gives us the opportunity to create and transform a market or neighborhood to our vision. These projects are complicated and difficult to finance, especially for an out-of-town developer. BGL has been instrumental in helping us find capital solutions for many of our projects.”
The development financing consisted of senior and bridge loans provided by The Huntington National Bank as lead lender and participating lenders, Blue Ridge Bank & Trust and Hawthorn Bank. State and Federal Historic Tax Credit Equity was syndicated by Historic Equity, Inc. and Enhanced Capital.
The project will consist of converting five historic manufacturing buildings totaling 341,000 gross SF and situated on 2.44 acres into 265 market-rate apartments, 5,500 SF of retail space, and 275 adjoining structured and surface parking spaces, while maintaining the historic features of the buildings that include exposed wood beams and masonry walls. The buildings will be fully restored in compliance with the Secretary of the Interior Standards of Rehabilitation including new historically accurate windows, façade restoration, roof, building systems, and utility connections.