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Tuesday, 29 January 2019

TPG Lends $60.2Mln Against Kansas City's City Center Square

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TPG Real Estate Finance Trust has provided $60.2 million of bridge financing to facilitate Somera Road Inc.'s purchase of 1100 Main St., a 657,070-square-foot office building in Kansas City, Mo.

The loan, arranged by HFF, also will allow Somera Road, a New York value-add real estate investor, to renovate and reposition the 30-story building, also known as City Center Square. The 42-year-old building takes up an entire city block bounded by 11th, 12, Main and Baltimore streets and previously was owned by a venture of David Werner and Nightingale Properties, which had purchased it in 2012 for $22.3 million. The building then had backed a defaulted $39.1 million loan that was securitized through GMAC Commercial Mortgage Securities, 2005-C1.

The Werner/Nightingale venture...


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Kansas City
  • States: Missouri
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Dan Moynihan

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