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KANSAS CITY-The Ward Parkway Center lender, Massachusetts Mutual Life Insurance Co., which helped finance the 2003 sale, has filed a legal notice stating that Coventry II DDR Ward Parkway LLC has defaulted on its debt. Therefore the property is set to be sold on March 26, according to a report in the Kansas City Star.

Coventry II is a joint venture between Coventry Real Estate Partners of New York and Developers Diversified Realty. Conventry holds an 80% stake in the JV, while DDR retains 20%. The property was purchased for $48.5 million, and as of the end of December 2008, DDR documents showed $35 million was still owed on the mortgage.

The shopping center has 800,000 square feet of space and includes such retailers as Bath & Body Works, New York & Company, Dicks Sporting Goods, Target, PetsMart and an AMC Theater.

To read the full Kansas City Star report click here.

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