COVINGTON, KY-A partnership by Alex. Brown Realty Inc. and Bald Eagle Partners has purchased a $10 million “B” note from Morgan Stanley that is secured by a first lien on the 553,000-sf RiverCenter Towers I and II office complex here. The 77%-occupied property, owned and managed by Corporex, was appraised last year at $90 million.

Peter Bancroft, ABR’s SVP and acquisition officer, tells that this transaction was different than the company’s current policy of direct investment in real estate. “I would expect, in this (credit) environment, that you’re going to see more of these kinds of opportunities. A note is not our common vehicle, but the obviously the world has changed a bit.”

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