CBRE Capital Markets Debt & Structured Finance has arranged a $33.84 million loan for the refinancing of Park One, a 217,433-square-foot Class A office property in the Camelback Corridor of Phoenix.
Dana Summers, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek of CBRE secured the loan through Alliance Bank of Arizona on behalf of the borrower, Velocis.
“The borrower team was extremely professional and worked diligently and efficiently to close the loan,” said CBRE’s Francis. “In addition, 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.”
Located at 2111, 2121 and 2141 E. Highland Avenue in Phoenix, Park One is a three-building Class A office property is comprised of two- and four-story buildings and a freestanding restaurant. It is 92 percent 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. Park One is within walking distance of an abundance of restaurant options and specialty shopping destinations, including Biltmore Fashion Park.
