INDIANAPOLIS—The development and construction firm Cityscape Residential has closed nearly $82 million in joint venture financing within the last 90 days, company officials say. The round was led by two commercial banks and a long-term institutional equity partner. The three recent projects will expand the Cityscape footprint in the Kansas City area and also represent its first transaction in the Louisville area.

In Kansas, the Indianapolis-based Cityscape has already begun work on its 130-unit West End Flats at Prairiefire project in suburban Overland Park. This second phase of the Prairiefire master planned community follows the Residences at Prairiefire, a 300-unit complex that opened in February. And in nearby Olathe, KS, Cityscape has begun construction on a 228-unit property known as Greenwood Reserve. And finally, Cityscape broke ground in July on the 312-unit Apex on Preston, the company's first apartment community in Louisville.

“Our team is dedicated to developing class A multifamily communities through strategic alliances with long-term institutional partners," says Brian Cranor, partner of Cityscape Residential. “Such alliances allow Cityscape to standardize deal structures and close quickly once a targeted project has been agreed upon, and this round of financing is an excellent example of the benefit of such alliances.”