PACE Equity completed funding as part of a complex capital stack for the redevelopment of downtown Kansas City’s iconic Flashcube building. The former Executive Plaza Office Building, which sat vacant for over 12 years, features a 184-unit multi-family luxury apartment and 35,000 square feet of commercial space for office and retail tenants.
The total capital stack for the Flashcube redevelopment contained a number of sources including federal and state historic tax credits, a tax credit bridge loan, a construction loan, two forms of tax abatement, capital from the sponsor and PACE Equity — ultimately creating a highly complex capital structure.
“It’s not only a very complex capital stack, but a complex legal structure as well. Having PACE Equity being so familiar with the structure of this tax credit deal already and being able to close the transaction quickly was really a huge benefit. PACE Equity was extremely supportive and helpful throughout the process.”
- Paul Worcester, Chief Executive Officer, Worcester Investments
PACE Equity followed its standard procedure of analyzing all components of the Flashcube redevelopment while working diligently with the sponsors in order to commit upfront and deliver the funding, filling the gap in the capital stack with surety of execution, and providing turnkey services along the way.
Download the case study for exact facts and figures within the complex capital stack, and learn more about PACE Equity’s contributions to help make the iconic Flashcube redevelopment possible.