KANSAS CITY, KS, Oct. 4, 2022 – Hunt Capital Partners, in collaboration with the Town House Community Development Corporation (“Town House CDC”) and UMB Bank, celebrated the significant renovation of Town House, formerly known as Cross Lines Tower. The grand opening ceremony will take place at 1021 North 7th Street in downtown Kansas City, Kansas from 5:00pm to 7:00 pm on Tuesday, October 4th, 2022.
The building originally opened in 1951 as the Town House Hotel and, until 1969, held the distinction of being the tallest building in Kansas. The hotel was originally converted to affordable housing in 1981. Complete with modern amenities, the newly renovated building offers 130 high-quality, affordable units with a mix of one- and two-bedroom options for seniors age 55 and older earning between 30 and 60 percent of the area median income.
“We feel this is truly a wonderful addition to a growing Downtown Kansas City, Kansas,” said Town House CDC President Pat Jordan. “We’re proud to be able to retain a piece of the City’s history, while also providing a reinvigorated affordable housing option for the community.”
Resident amenities at Town House include a meeting room, tenant lounge, outdoor patio and garden area, community room with full kitchen, communal laundry facilities and more.
UMB Bank provided $25.5 million in construction and equity bridge loans and, through Hunt Capital Partners, a $17.4 million low-income housing tax credit (LIHTC) equity investment to fund and finance this $42 million investment. Key Bank provided the permanent financing.
“We’re thrilled to join our partners in celebrating the completion of this project for low-income seniors,” said Hunt Capital Partners Managing Director of Investor Relations Amy Dickerson. “Providing affordable housing for communities creates stability especially in times like these when rents are far outpacing incomes.”
Town House CDC’s development team for Town House include Rau Construction as the General Contractor; Foutch Brothers as the project architect; Universal Management, Inc. as the property manager; and Hughes Development Company and Tier 1 Development Group LLC as the co-developers.
“The newly remodeled Town House will be a wonderful asset and will continue to provide affordable senior housing in downtown KCK,” said Hughes Development & Universal Management, Inc. President & CEO Bob Hughes.
Additional financial partners include: Commerce Bank, Kansas Housing Resource Corporation, Kansas Development Finance Authority and the North East Economic Development Corporation.
For rental information, please contact Barbara Summers, Town House Manager, at (913) 342-8611 (BSummers@umikc.com).