An Indianapolis developer said he has secured about $82 million in new financing to support the construction of several apartment projects in the Kansas City area.
Cityscape Residential, whose partners include Raytown native Jim Thomas, said it arranged the financing over the last 90 days through two commercial banks and a longtime equity investor. The company did not disclose any additional financial details.
The company said it recently started work on a 130-unit complex called West End Flats at the Prairiefire development at 135th Street and Metcalf Avenue in Overland Park.
The company is also developing a 228-unit apartment project known as Greenwood Reserve on College Boulevard in Overland Park.
Closer to downtown Kansas City, Cityscape plans to develop about 300 units in an area called Crossroads West, southeast of Interstate 35 and Southwest Boulevard near La Bodega restaurant.
Cityscape is also developing adjacent properties in the Quality Hill neighborhood on the west side of downtown — the Summit, a 258-unit complex, and the Apex, with 130 units.
The company said the new financing also will be used for the construction of its first apartment project in Louisville, Ky.
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