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Issue: 1113 Date: 12/22/2011
Become A Fan, Like St. Louis Chinese American News
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Groundwork laid for Chase Park Plaza sale?
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Behringer Harvard, the real estate investment trust that bought majority ownership of the Chase Park Plaza in 2006, appears to laying the groundwork to sell the Central West End landmark in 2013.
The Dallas-based REIT says Chase-related debt fell 31 percent, to $59 million on Nov. 30, from$85.2 million at the end of 2010. The complex at Kingshighway and Lindell Boulevard includes 86 condos. Eleven have sold so far this year, Behringer Harvard says.
New debt has refinanced a maturing acquisition and development loan, the REIT adds. Continued growth in net operating income could put the complex in position for sale in 2013,Behringer Harvard disclosed this month.
A St. Louis fixture since the 1920s, the Chase Park Plaza has 350 hotel rooms, 51 corporate apartments, meeting rooms, restaurants and a movie theater in addition to the 86 condos. |
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