The Annex Group announced plans to develop a large affordable housing community in Lawrence, Kansas.
Union at the Loop will feature 248 one-, two-, and three-bedroom units for individuals and families earning up to 60% of the area median income, which is an annual income of approximately $35,800 to $57,300.
“When we started looking at the Lawrence area, we saw that almost all existing affordable housing communities had a waitlist of residents hoping to move in,” said Kyle Bach, CEO of The Annex Group. “Because of the student population at the University of Kansas, there are both typical residents and university students in the rental market, causing a strain. We wanted to ease the need for affordable housing with a community that will feel like home to residents looking for conveniences, amenities, and affordability.”
Union at the Loop will feature a community room, an exercise room, a playground, a computer room, and ample parking spaces. It will also be within walking distance to public transportation, grocery stores, and restaurants.
Project partners include Hayes Gibson Property Services, Wallace Architects, Summit LIHTC Consulting, and Crocket Engineering.
Financing for the approximately $43 million project closed this month. Kansas Housing Resources Corp. provided a 4% low-income housing tax credit allocation alongside a tax-exempt bond issuance by Kansas Development Finance Authority. Merchants Capital provided a $35 million construction loan and is the servicer for the $22.25 Freddie Mac TEL forward permanent commitment. Aegon Real Assets provided $16.7 million of tax credit equity.