$59M Refinancing Goes to Chase Park Plaza

ST. LOUIS-Exactly five years ago (to the day) Behringer Harvard revealed that it acquired a majority interest in Chase Park Plaza, a 1.2 million-square-foot historic mixed-use property that encompasses most of a city block in the Central West End neighborhood here in St. Louis. The transaction, which was valued at more than $180 million, included $95 million for a planned renovation of the property. James Smith, a longtime, local part-owner, operator and developer of Chase Park Plaza, was the minority owner.

Now, the Dallas-based firm and Kingsdell LP has secured a $59-million refinancing for the building from Jones Lang LaSalle and Jones Lang LaSalle Hotels on the iconic property. The floating rate financing was secured through Prime Finance and will replace the existing debt that has come to maturity.