CBRE has obtained a $59.47 million bridge loan for the acquisition of Camelback Esplanade III, a 218,387-square-foot Class A office building in metro Phoenix’s Camelback Corridor.
Bruce Francis, Bob Ybarra, Dana Summers, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the loan for the owner, a venture between Transwestern and an institutional partner. NXT Capital provided debt, which has a four-year term with one, one-year extension option.
Camelback Esplanade III has been institutionally managed and maintained since being delivered to the market in 1997. The property is leased to a strong mix of nationally recognized tenants across various industries, including legal, insurance, financial and real estate services.
“Throughout the entire process, the lender and borrower teams were professional, efficient and excellent to work with,” said Bruce Francis. “Esplanade III is a signature asset in a premier location within the heart of the Camelback Corridor, and we are excited to see the borrower execute their plans in bringing the asset to its full potential.”
The LEED® Gold Certified and Energy Star-rated office tower is within the prestigious mixed-use development, The Esplanade, which offers tenants numerous on-site amenities, including a 14-screen AMC dine-in movie theater, Starbucks, City Market Deli and Merc Bar, with FLINT by Baltaire and Tocaya Organica opening in 2019. The 277-room Camby Hotel, offering luxury accommodations and award-winning dining, is located directly adjacent from the property. Biltmore Fashion Park, the world-renowned luxury shopping center located across Camelback Road, offers over 60 high-end restaurants and retailers, with Arizona’s newest Lifetime Fitness currently under construction.
