Parkway Properties Purchases Note For $33 Million

Parkway Properties Inc. has announced the purchase of a first mortgage note secured by three properties owned by RubiconPark I LLC from special servicer JE Robert for $35 million.

Rubicon US REIT owns an 80% interest in RubiconPark, and Parkway Properties owns the remaining 20% interest. The loan was originated by Bear Stearns Commercial Mortgage Inc. and had a principal balance of $51 million as of July 30. The loan matures Jan. 1, 2012, and bears interest at a stated rate of 4.9%.

The loan is secured by first mortgages on three properties, including Falls Pointe, a 107,000 square-foot office property in Atlanta; Lakewood II, a 128,000 square-foot office property in Atlanta; and Carmel Crossing, a three-building, 326,000 square-foot office complex in Charlotte, N.C. The properties were 76.1% occupied as of July 1.

SOURCE: Parkway Properties


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