Kansas City Apartment Complex Hard Times Hit Country Club Plaza

A sign of the times . . . 

Even the hottest local market for housing can't sustain limitless borrowing.

Here's a bit of a backstory quote and more info behind the paywall . . .

"The Plaza Club City Apartments, 4621 Jefferson St., went under a limited receivership in mid-May after previous owner Plaza Club City Apartments LLC of Farmington Hills told Freddie Mac that it no longer could operate them. Freddie Mac holds a $26 million loan secured by the property, originated by Berkadia in April 2015 in connection with the developer's purchase of the apartments from Fowler Property Acquisitions.

"The complex consists of 214 apartments in two 10-story towers and a nine-story tower southeast of 46th and Jefferson streets. The community was built in the 1950s for returning Korean War veterans; it originally was called Dunleith Towers and later renamed Icon on the Plaza. "

Read more via www.TonysKansasCity.com link . . .

Loan default sends Country Club Plaza apartment complex into limited receivership - Kansas City Business Journal

A Country Club Plaza apartment complex is under a limited receivership after its owner told lender Freddie Mac that it no longer could operate the three-tower property.