HFF director Matthew Schoenfeldt (middle right photo) worked on behalf of the borrower, Sovereign Partners, LLC, to secure the five-year, fixed-rate loan through Ladder Capital Finance. This financing retires a maturing CMBS loan that was originated by Bank of America in 2005.
Since acquiring Gateway Tower in 2003, ownership has invested more than $3 million into capital projects at the property, delivering an upgraded lobby, common areas and the “newest mechanical systems in the St. Louis central business district”.
Located at One Memorial Drive, Gateway Tower is adjacent to Interstate 70 and within walking distance to Busch Stadium, (centered photo below) Ball Park Village mixed-use development and two Metrolink rail stops in St. Louis’ central business district.
“Gateway Tower is now one of the most prominent Class A office buildings in the St. Louis central business district and has garnered a number of prestigious awards including BOMA’s regional ‘Building of the Year’ award for extraordinary renovation,” said Schoenfeldt.
“The vote of highly-esteemed tenants, via new leases and continued renewals, is a further endorsement of the quality/value combination that Sovereign delivers in Gateway Tower.”
Sovereign Partners, LLC, is a national real estate investment firm that actively pursues the acquisition of well-located, quality office buildings whose value can be enhanced through targeted capital improvements, effective hands-on management, aggressive marketing and prudent expense reductions.
Contacts
Matthew R. Schoenfeldt, HFF Director HFF, (312) 528-3650, mschoenfeldt@hfflp.com
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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