CRE P Kansas

Cohen Financial provides nearly $40 million in financing for acquisition of outdoor mall in Kansas

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Cohen Financial, a national real estate capital services firm, in affiliation with equity investment partner Artis Advisors, recently secured $39.9 million in equity financing for the acquisition of Legends Outlets Kansas City.

Cohen Financial, a national real estate capital services firm, in affiliation with equity investment partner Artis Advisors, recently secured $39.9 million in equity financing for the acquisition of Legends Outlets Kansas City.

The property is a 1.2-million-square-foot outdoor mall located 12 miles west of downtown Kansas City, Kansas.  Legends Outlets is located in a growing entertainment and retail district that features the Kansas Speedway, a casino, a professional soccer stadium and the Nebraska Furniture Mart. The area draws an estimated 10 million visitors annually.  The property is 94-percent leased.

Kevin O’Grady, senior managing director of Cohen Financial and head of the company’s equity practice, and Matt Grant, vice president, working with Artis Advisors secured the financing from a New York private-equity firm.  The borrower is Red Development.  The transaction closed in the second quarter.