April 26, 2020
CBRE Capital Markets Debt & Structured Finance arranged a $33.84-million loan for the refinancing of Park One, a 217,433-square-foot Class A office property in Phoenix’s Camelback Corridor. CBRE secured the loan through Alliance Bank of Arizona on behalf of the Dallas-based borrower, Velocis.
Located at 2111, 2121 and 2141 E. Highland Ave., the three-building Class A office property is comprised of two- and four-story buildings and a freestanding restaurant. It is 92% leased to a mix of high-quality tenants. The property features remodeled common areas and amenity spaces, including lobbies, corridors, elevator cabs, on-site café, landscaping and outdoor seating areas.
CBRE’s team included Dana Summers, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek.
Francis notes, “…the lender honored all of the loan terms which were quoted pre-pandemic. Due to everyone’s expertise and professionalism, the loan closed on time without any issues.”
For comments, questions or concerns, please contact Dennis Kaiser