Lee's Summit
Lee's Summit
Location: Kansas City, MOProperty Type: Office
Size: 1,100,000 square feet
Investment Type: Discounted Note Purchase
Investment Size: $20,000,000
Closing Date: June 2008
RCG Longview purchased, at a discount, a $20,000,000 mezzanine loan secured by the pledge of 100% of ownership interests in the owner of a Class A, mixed-use office/industrial campus located just outside of Kansas City, MO. The property is subject to a $120,000,000 senior securitized First Mortgage loan and contains approximately 1,100,000 square feet of improvements and was approximately 93.0% leased at the time the loan was acquired. The property caters specifically to technology tenants and has significant improvements to accommodate the special needs of these tenants. The sponsor’s business plan calls for re-leasing space created by the turn of the near-term leases that are expiring at current market rents, which are in excess of the in-place rents.
