THOMPSON POINTE
GARDEN CITY, KS
Zimmerman Properties, LLC is proud to announce the closing of project financing and commencement of construction on Thompson Pointe Apartments in Garden City, KS. The development is 48 units, with 60 units of affordable housing which will be rented to residents earning 50% and 60% or less than the area median income and will contain 24 two-bedroom units and 24 three-bedroom units.
The development is being financed through the following sources:
- $10,500,000 of construction financing from The Bank of Missouri
- Kansas Housing Resource Corporation (KHRC) awarded $850,000 of annual Federal and State low-income housing tax credits
- Walker Dunlap made equity commitments to the Development and will be allocated the federal tax credits, which has Freddie Mac as their upper tier investor
- Advantage Capital made equity commitments to the Development and will be allocated the state tax credits
- The Bank of Missouri underwrote a Permanent Loan of $952,000 which will have a 25-year amortization, and a fixed interest rate of 7.13%
The development team consisted of:
Developer: Zimmerman Properties, LLC
General Contractor: Zimmerman Properties Construction, LLC
Management Agent: Wilhoit Properties, Inc.
Architect: Buxton Kubik Dodd, Inc.
Engineer: Kaw Valley Engineering, Inc.
The general contractor has been issued a notice to proceed with construction, which should be complete in December 2027 with pre-leasing commencing in Fall 2027.