Hunt Capital Partners, in partnership with Riverstone Platform Partners and Kansas City Metropolitan Lutheran Ministry (MLM), announced today the financial closing of The Alexandria, a $17.1 million rehabilitation of an existing affordable housing community located at 1328 E. Armour Boulevard in Kansas City, Missouri.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260925026170/en/

The Alexandria existing exterior. Photo Credits: Hunt Capital Partners

The Alexandria existing exterior. Photo Credits: Hunt Capital Partners

“Every week we see another affordable property somewhere in this country convert to market rate, drop out of its HAP contract or get run into the ground by an owner who has stopped reinvesting,” said Kelley Hrabe, Founder and Managing Partner of Riverstone Platform Partners. “The Alexandria is proof that there’s another way. The team stepped in, rebuilt the capital stack, and recommitted this property to affordability for decades. Fifty-five families get to stay in their homes, in their neighborhood, without the fear of displacement, and that’s the whole point of this work.”

This development, led by Riverstone Platform Partners and co-developed by Kansas City Metropolitan Lutheran Ministry (MLM), will bring 55 new homes, rehabilitating two four-story buildings originally constructed separately in 1923 and later connected with a shared elevator and lobby system serving all four levels. It was then last renovated with LIHTC equity in 2006. The property is currently 94% occupied with a waiting list of six qualified households, a testament to the sustained demand for affordable housing in the area. In addition, the project has historically benefited from a Section 8 HAP contract that expires in 2029, which is expected to be renewed for 20 years.

“We are honored to once again work alongside Riverstone Platform Partners, Metropolitan Lutheran Ministry, and UMB Bank to provide affordable housing in the Kansas City metro area,” said Jeff Weiss, President of Hunt Capital Partners. “The rehabilitation of The Alexandria will preserve homes for families who need them the most.”

Upon completion, The Alexandria will offer the following:

  • 55 homes, including studio, one-, and two-bedroom homes serving households earning up to 30% and 60% of Area Median Income (AMI).

  • 100% of the homes are covered by a 20-year Project-Based Section 8 HAP contract.

  • Supportive services available to residents on a voluntary opt-in basis ranging from budget counseling, employment coaching, housing stabilization support, health and wellness, and more.

  • Community amenities include central laundry, a courtyard, on-site management, and picnic area.

  • Upgraded security features, including a secured and gated parking lot, secured building access, and improved video surveillance.

“We are proud to be the nonprofit partner of The Alexandria development that is not only preserving 55 homes of affordable housing but transforming them into beautiful places to live,” said Scott Cooper, Executive Director of Kansas City Metropolitan Lutheran Ministry. “We are excited to add this to our ever-growing portfolio of affordable housing.”

Financing for this project includes $9.1 million Federal Low-Income Housing Tax Credits syndicated by Hunt Capital Partners and $6.4 million State Low-Income Housing Tax Credits syndicated by Monarch Private Capital. UMB Bank provided a $13 million construction loan, and Cedar Rapids Bank & Trust provided a $4.5 million permanent loan.

“UMB is excited to play a role in the redevelopment of The Alexandria. Preserving buildings like The Alexandria is a great way to provide affordable housing to areas that are in need as housing costs continue to rise,” said Brady Ridnour, Vice President at UMB Bank. “We are proud to support the redevelopment of The Alexandria and to monitor construction progress in the coming months!”

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $4.3 billion in tax credit equity in 49 proprietary and multi-investor funds, financing development in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.

About Riverstone Platform Partners

Riverstone Platform Partners is a developer of affordable, workforce, and attainable housing with more than 30 years of experience developing, financing, and managing high-quality communities across the central United States. The firm has developed or financed housing across a diverse portfolio, from historic adaptive reuse and senior communities to large-scale new-construction multifamily, in both urban and rural markets. Riverstone’s expertise spans the full development lifecycle: site acquisition and due diligence, complex capital structuring across public and private sources, construction, and long-term asset and property management. The firm has a proven record of structuring layered transactions and delivering them on time and on budget, while building durable relationships with state housing finance agencies, syndicators, lenders, municipalities, and nonprofit partners.

About The Kansas City Metropolitan Lutheran Ministry (MLM)

MLM is a nonprofit serving the Greater Kansas City Community through emergency assistance, supportive services, and affordable housing for 55 years. Striving to be the kind of property owner that people in affordable housing need, MLM is committed to not only providing housing but also the supportive services that the resident families need to continue to grow in self-sufficiency. With 133 units of owned affordable housing units, 245 units of wrap around supportive services, senior and veteran home repair, and 88 units of Rapid ReHousing, MLM has established themselves as a leader in Kansas City affordable housing.

Media gallery

About The Author
Business Wire