This was an opportunistic purchase of a mismanaged community with best-in-class amenities. Located in a premier Kansas City submarket, the property is ideally situated adjacent to abundant dining, entertainment, and shopping destinations.
In May 2022, we added a supplemental loan behind the first mortgage which resulted in the return of 46% of investor capital. The size of the supplemental loan and refinance proceeds, fewer than two years after acquisition, exceeded our proforma projections both in terms of dollars and time frames.
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