CBRE recently closed an $8.75 million loan to refinance Westport Commons in Kansas City, Missouri. Bank financing was sourced by John Perlik and Don Coleman from CBRE|Capstone on behalf of their client, Sustainable Development Partners of Kansas City.
CBRE successfully secured private bank permanent financing on a fixed-rate basis and amortized over 20 years. This financing enabled the client to take out existing project loans to afford the developer’s greater business efficiencies.
The developers, Sustainable Development Partners of Kansas City, purchased the abandoned 100-year-old former Westport Junior High School and used federal and state historic tax credits, in conjunction with new market tax credits and private equity to convert the space into a state of the art co-working office facility.