ST. LOUIS — Behringer Harvard and Kingsdell LP have secured a $59 million loan from PFP Holding Co. LLC for the refinancing of Chase Park Plaza in St. Louis. The floating-rate loan will replace the existing debt that has reached maturity.
Chase Park Plaza is a roughly 1 million-square-foot, mixed-use complex, located in the Central West End of the city. It includes 338 hotel rooms, 82 condo units, and 51 corporate apartments. The property also has five food outlets and 35,000 square feet of retail space. Dallas-based Behringer Harvard purchased a 95 percent majority interest in the property in 2006.
According to a Nov. 15 SEC filing, the three-year loan has two extension options of 12 months each. The loan bears an interest rate of LIBOR, capped at 3 percent, plus 6.75 percent.
“The Chase Park Plaza is an irreplaceable luxury hotel that is on the cusp of capitalizing on the resurgence in demand and upturn of the St. Louis lodging market,” said Mathew Comfort, executive vice president of Jones Lang LaSalle, in a statement. “Anticipated gains in the the coming years represent a substantial opportunity for Behringer Harvard to capitalize on both increased RevPAR and NOI growth.”
The Chase Park Plaza, which was built in the 1920s, underwent a $200 million renovation of guest rooms, common areas and condominium units in the last few years.
Comfort, along with Keith Largay and David Hendrickson of Jones Lang LaSalle and John Nugent of Jones Lang LaSalle Hotels, arranged the transaction.
— Liz Burlingame