Thomas Properties Group Inc. reports that TPG/CalSTRS LLC, its joint venture with the California State Teachers' Retirement System (CalSTRS), has closed on new first-mortgage loans for San Felipe Plaza, 2500 CityWest Blvd. and Brookhollow Central – three suburban office properties in Houston.
In addition, the company has completed an extension of the construction loan secured by the remaining units at its Murano condominium tower in downtown Philadelphia. The company has only one remaining loan maturity before the end of 2012, which the joint venture expects to refinance in the coming months.
With the closings of these loans, together with the refinancing of City National Plaza in downtown Los Angeles announced earlier this month, Thomas Properties Group has completed the refinancing and extension of all of the 2010 debt maturities for its consolidated and joint-venture properties, which represented over 33% of the company's pro-rata total debt obligations, and has reduced its pro-rata share of total debt obligations by approximately 18%.
SOURCE: Thomas Properties Group Inc.