From Vacant Ground to Vibrant Community
Transforming a long-vacant property into a vibrant, mixed-use community is no small feat. It requires vision, persistence and the right financial partner.
For Matt Pennington, President and Co-Founder of Drake Development, the redevelopment of the former Kmart site in Merriam, Kansas, into the thriving Merriam Grand Station project was one of the most ambitious challenges his team had faced. To bring it to life, he turned to Capitol Federal®.
In this Q&A, Matt shares how CapFed® became a trusted partner, the value of flexibility in tackling complex developments and why a strong reputation makes all the difference when choosing a business loan partner.
Tell us about Drake Development and this project.
Matt: We’re a commercial real estate developer based in Overland Park, Kansas. We focus on premier mixed-use developments throughout the Midwest.
This Merriam site sat vacant for 13 years. It used to be a Kmart that was sunk 30 feet below grade. We were fortunate to figure out a solution, working with the city and financial partners to raise the site and build something truly special with an apartment complex and retail community.
Why was trust so important in your decision?
Matt: Trust is the first and the last thing I think about. At the start of a project, you want to know if your financial partner has integrity and shares your culture. And by the end, you can’t make a decision unless you trust them completely. With CapFed®, we knew we could.
How did your relationship with Capitol Federal® begin?
Matt: Honestly, I always thought of CapFed® as a residential mortgage lender. I didn’t even know they did commercial lending.
But when we learned more, and knowing their reputation and integrity, it was exciting to realize they could do our deal. From the start, their team reached out, worked hard to build a relationship and made it clear they wanted to be a partner in our business.
If you had to describe CapFed® in one word, what would it be?
Matt: Flexible.
How has CapFed® shown flexibility in working with you?
Matt: They listen. Just like we listen to our stakeholders, they listened to our needs and then provided the services we needed to accomplish big things.
This was not an easy development. as there were a lot of moving pieces. But having the Bank by our side made the process easier. Their flexibility and creative approach to commercial loans kept the project moving forward.
What stands out to you about working with CapFed® compared to other banks?
Matt: The responsiveness is absolutely second to none. It feels like a small-town bank, but with the ability to deliver on large-scale projects.
If you have a bank that can act diligently and quickly, it sets you apart and they did exactly that.
How would you describe the partnership you’ve built with CapFed®?
Matt: A true partnership means working hand in hand. They’ve learned our business, and we’ve learned how they work. That ease and collaboration have delivered the results we wanted.
It’s really everything to have that kind of corporate partner. It gives me confidence in decision-making and allows us to grow.
Ready to Build What’s Next for Your Business?
If you’re looking for a lender who can offer business loans with personal service and local decision-making, reach out to any of our Commercial Loan Officers. Whether you’re in Kansas City, Topeka, Lawrence, Wichita or beyond, we can help you finance your vision.