Dwight Capital, one of the largest commercial real estate finance companies in the United States, has closed on a transaction to provide US$27.2 million in HUD-backed construction finance for the proposed Westport High School redevelopment project in Kansas City, Missouri.
Located at 315 East 39th Street, Westport High School opened back in 1907 and closed in 2010 following which it was added to the National Register of Historic Places in 2015. HP Development Partners 2 purchased the 4.86-acre land in 2016 for an unknown sum as part of a Kansas City Public Schools repurposing effort that seeks innovative methods to encourage the reuse of its shuttered school facilities.
Westport High School Redevelopment Project overview
Developed by Andrew Brain of Brain Group and E.F. Chip Walsh of Mercier Street, the Westport High School Redevelopment Project aims to convert the school building that needs “extensive repair” into a mixed-use multifamily complex. “This project is well-positioned to succeed due to its location and the multiple investments, both public and private, that are being made in the surrounding region,” Walsh said in a statement.
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The Westport High School Redevelopment Project apartments will have a clubhouse, leasing office, business center, exercise center, dog park, cinema, community rooms, and concierge services once completed. Existing classroom space will be used for the housing units, which will span 100,555 square feet, while an annex built in 1992 will be converted into 24,000 square feet of commercial space.
More about the Dwight’s HUD deal
The US$27.2M Dwight’s HUD deal that also includes a 0.25 percent green mortgage premium decrease since the Westport High School Redevelopment Project qualifies as green and energy-efficient housing, was led by Steven Hunt, a senior originator at Dwight.
In addition to Dwight’s debt funding, the construction will be financed using state and federal historic tax credits.
