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Chase Park Plaza Investors Close on $60M Refi

ST LOUIS-The five-year fixed rate loan pays off a $40-million five-year note on the 1 million-sf mixed-use development here, enabling some of the partners to recapture the equity they previously invested while still leaving excess for future capital improvements, the loan origination officer tells GlobeSt.com.

By Brian K. Miller | Updated on August 12, 2005

ST LOUIS-Chase Park Plaza, a 1 million-sf mixed use development here, has been refinanced with a $60-million five-year loan from Massachusetts Mutual Life Insurance, which was represented by Babson Capital Management LP. The loan was arranged by First Fidelity Mortgage Corp. The loan origination officer, Robert Kadoori of First Fidelity, tells GlobeSt.com that the loan not only paid off a $40-million five-year note on the project, but also enabled some of the partners to recapture the equity they previously invested while still leaving excess for future capital improvements. First Fidelity’s Michael Murphy and John Kerby worked with Kadoori on the transaction.Located on Kings Highway, across from Forest Park and between downtown and the Clayton business district, “The Chase” anchors St. Louis’ Central West End district. Its redevelopment was viewed as a critical to re-establishing the Central West End neighborhood as St. Louis’ cultural and nightlife destination.The development encompasses most of a city block and includes a 270-unit multi-family high-rise; an upscale 251-room luxury hotel, five restaurants; multiple banquet facilities, and; over 60,000 sf of office/retail. It opened in 1922 and fell into disrepair in the 1980s. Kingsdell LP purchased the distressed Chase in 1997 and redeveloped the property over several years. Kingsdell LP includes Dana Commercial Credit, a finance and leasing company based in Toledo, OH. The LP’s managing partner is Jim Smith.

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