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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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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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