Parmenter Nabs $85M Refi to Ready Warren Place for Sale

TULSA, OK-With plans to sell the trophy office buildings known as Warren Place I and II, Parmenter Realty Partners has obtained two CMBS loans totaling $85 million. The new loan, originated by JP Morgan Chase, replaces an existing loan that tied the properties together through cross-collateralization, according to Parmenter COO Andrew Weiss.

“Our main objective is to sell the project, and the debt structure we have in place is going to afford us a lot of flexibility to sell the building individually or as a package,” Weiss tells GlobeSt.com, adding that the new loans are assumable. “We believe interest rates are going to rise, and we believe this loan will be accretive to value because of the interest rate.”