OFFICIAL - City Club Apartments (former Midwest Hotel)

[WoodDraw]

So the property is in receivership. Willow bridge dropped out, city club is gone.

The new management is yarco company.

I have a few more details, but it includes too much personal stuff to screenshot. If I know you and you you want more information, feel free to contact me.

Told they're actively looking at other people to take over the restaurant spaces and actively talking.

[Highlander]

So the property is in receivership. Willow bridge dropped out, city club is gone.

The new management is yarco company.

I have a few more details, but it includes too much personal stuff to screenshot. If I know you and you you want more information, feel free to contact me.

Told they're actively looking at other people to take over the restaurant spaces and actively talking.

So does this mean that the former owner of Reiger's won't be opening a diner there? I guess I had thought they were pretty close to ironing out a deal that would allow them to open. That would be too bad if it doesn't happen.

[DMNBT_RCJH]

So the property is in receivership. Willow bridge dropped out, city club is gone.

The new management is yarco company.

I have a few more details, but it includes too much personal stuff to screenshot. If I know you and you you want more information, feel free to contact me.

Told they're actively looking at other people to take over the restaurant spaces and actively talking.

Do you have docket no?

[CrossroadsUrbanApts]

Any more details that can be shared on this? Is it likely that the Crossroads property will be marketed for sale?

[CrossroadsUrbanApts]

City Club Crossroads has officially gone into receivership. Maybe KCRag members can pool funds and buy it.

https://www.bizjournals.com/kansascity/ ... -debt.html

[langosta]

City Club Crossroads has officially gone into receivership. Maybe KCRag members can pool funds and buy it.

https://www.bizjournals.com/kansascity/ ... -debt.html

Is this a market issue or a management issue?

Edit: valuation at closing is $20 million less than valuation today

[CrossroadsUrbanApts]

Financing issue, I think? It looks like the loan was bundled a few years ago with a bunch of others into a short-term note with a floating interest rate. Basically worst possible time to do that. I'm guessing when rates went from ~3% to ~8% and with the note coming due in a year, Holtzman decided to just walk from his portfolio.

[langosta]

Financing issue, I think? It looks like the loan was bundled a few years ago with a bunch of others into a short-term note with a floating interest rate. Basically worst possible time to do that. I'm guessing when rates went from ~3% to ~8% and with the note coming due in a year, Holtzman decided to just walk from his portfolio.

Yes, market revenue wise probably in a good place. Valuation is up 20% since since closing the now defaulted facilities.

[WoodDraw]

The place has a ton of deferred maintenance. You could tell awhile ago that they intended to just walk away and stop investing anything.

It’s a great location, but the build quality is incredibly cheap. A lot of the amenities don’t work anymore. I wouldn’t recommend anyone look at it until someone takes control of more than management.

The diner space is built, I’ve been in a few times. I just don’t know who the fuck wants it? The upstairs would be a fun rooftop.

Not sure HH will be up on anyone’s list to work with again.

Just a complete mess.

[WoodDraw]

Aside from this, it’s also just had issues. The police don’t patrol downtown so people just break into cars constantly.

From there to grand is sketchy as fuck at night. They need to get rid of that gas station. And the sideshows. You really have to walk home on main. Walnut someone got carjacked at knife point not long ago outside me.

Djx is a homeless magnet, and their spill isn’t great. Just people sleeping outside and occasionally inside djx. Underneath the outdoor balconies.

It’s too much because I love the area, but fucking hell