Parkway Pointe Gets $8M Loan

ATLANTA-Parkway Pointe, a six-year-old, 195,562-sf power center at heavily trafficked Cumberland Boulevard and Cobb Parkway, has received an $8-million infusion and remains under the current ownership which will continue to manage and lease the property.The owners found a long-term investor who saved them from selling the 100%-leased property, according to the Boston office of Tremont Realty Capital which arranged the funding. Citing a confidentiality clause in a contract with its client, Dennis Walsh, a senior Tremont director, declined to disclose the name of the lender, the property owner, the general terms of the loan, the average asking base rent range and why the deal was done at this time.All Walsh would say is that “the owner, a local developer, was able to attract a long-term investor and create some immediate liquidity without selling the asset.” He says “the seller was able to retain management and leasing of the center.”Walsh says the $8-million recapitalization of Parkway Pointe was funded by a national REIT. “Our client was extremely pleased with the investment as it fit their core investment strategy in a strong market with long-term leases and credit tenants,” the broker says.