Key Bank, Stockyards Bank, Main Source Bank, Associated Bank and Security Bank provided a portion of a $175 million financing package for Cityscape Residential’s development of four new apartment communities in Missouri and Kentucky, Real Estate Capital has learned.
The financing, announced last week, also includes equity financing from a long-term institutional equity partner and a private equity group.
Associated Bank provided the financing on the 252-unit Summit on Quality Hill community and 138-unit Apex on Quality Hill community in Kansas City, Missouri, located one block away from one another on the Missouri and Kansas Rivers, two blocks west of downtown Kansas City in the Quality Hill neighborhood.
Also in Kansas City, Security Bank provided financing for the 221-unit Crossroads Westside community at the junction of the Crossroads Arts District and the Westside neighborhood, just south of downtown.
Key Bank is the lead bank on the development of the 300-unit Axis Apartments in Louisville, Kentucky; Stockyards Bank and Main Source Bank also contributed to the deal. Located near NuLu, the nine-acre Axis Apartments ranks as the largest investment in an urban Louisville multifamily complex by an out-of-town developer.
Headquartered in Indianapolis and focused on multifamily development throughout the Midwest, Cityscape has additional communities in development and planning throughout Indiana, Kentucky, Missouri and Kansas.