"Canyon acquired the construction loan to facilitate the completion and sell-out of One Park Place," says Canyon principal Jonathan Roth. "With Canyon's financing in place, the owners will be able to carry out the long-term vision for an incredible adaptive reuse project right in the heart of Kansas City."

One Park Place is a landmarked building in the city that is being converted to residential units. The original building was designed by Skidmore, Owings & Merrill and built in 1963. It served as the corporate headquarters for an insurance and financial services company. The owners say with the new funding, construction will begin again immediately. The first units will be up for sale before the summer months.

The condo project will include an indoor and outdoor salt-water swimming pool, a fitness center, massage rooms, a cigar room, indoor golf driving range, a wine tasting facility and exhibition kitchen. There will be a complete overhaul of the windows as well as the mechanical, engineering and plumbing systems.

"This transaction demonstrates Canyon's interest in doing business with qualified borrowers who have a commitment to delivering high-quality projects," says Bobby Turner, managing partner of Canyon. "Furthermore, this transaction showcases Canyon's ability to provide the capital necessary to effectuate borrowers' timely purchase of their existing debt."