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KeyBank-Led JV Arranges $106.5M Loan for Courvoisier Centre in Miami

MIAMI — A joint venture between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC has closed a $106.5 million loan for the recapitalization of Courvoisier Centre in Miami. Built between 1986 and 1990, the two-building, Class A office complex spans 343,000 square feet and features an upscale retail arcade and attached structured parking. The property is situated at 501 and 601 Brickell Key Drive on the upscale Brickell Key Island, a 23-acre manmade island. The loan was arranged on behalf of the borrower, Orlando-based Parkway Properties Inc. KeyBank originated the 10-year loan, which carries a fixed interest-only rate of 4.6 percent through maturity and a 60 percent loan-to-value ratio. KeyBank will service the loan through maturity. Masaveu Corp., a Spanish investment company, bought an 80 percent stake in the asset from Parkway Properties for roughly $175 million, and Parkway Properties still retains a 20 percent interest in the property. Parkway Properties bought Courvoisier Centre in April 2014 from Tishman Speyer for $145.8 million.

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