Berkadia arranged $30 million in acquisition financing for 909 Walnut, a 35-story multifamily property in downtown Kansas City, MO, on behalf of Worcester Investments. Simbol Commercial sold the property that was built in 1931 as an office tower.
The building was converted to a 152-unit residential building in 2005, 22 of which are individually owned condominium units, as well as a small amount of office and retail. Located at 909 Walnut St., the property offers luxurious one and two-bedroom floor plans with granite countertops, stainless steel appliances and hardwood floors. The property also features a rooftop garden, a fitness center and a private parking garage.
Berkadia’s John Schorgl, who secured the 12-year permanent loan through Fannie Mae, says, “This was a tricky deal due to the fact that the total purchase included the tower (909 Walnut), the parking garage (915 Walnut) and the office building (929 Walnut), financed by different lenders.”