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July 9, 2020
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AZ Office Buy Funded with $59 Mil Bridge Loan


Camelback Esplanade III, a 218.4k sf, Class A office building in metro Phoenix’s Camelback Corridor was recently acquired by a venture between Transwestern and an institutional partner. The purchase was funded with a $59.47 mil bridge loan.

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.

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.

Bruce Francis, Bob Ybarra, Dana Summers, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan for the new owner. NXT Capital provided the debt, which has a four-year term with one, one-year extension option.

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