March 22, 2016
Parkway Properties Inc. has obtained a $106.5 million loan for recapitalization of Courvoisier Centre in Miami. The 343,000-square-foot, two-building, Class A office center is at 501 and 601 Brickell Key Dr.
KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC originated the 10-year loan, which carries a fixed, interest-only rate of 4.6% through maturity, and a 60% loan-to-value ratio. Masaveu Corp., a Spanish investment company, bought an 80% stake in the asset from Parkway Properties, for roughly $175 million. Parkway Properties still retains a 20 percent interest in the property.