Tucson Office Asset Scores Refi
First Fidelity Bank provided the five-year, fixed-rate loan.
Venture West Funding has arranged $19.5 million in refinancing for Cambric Corporate Center, a 167,000-square-foot office property in Tucson, Ariz. The company arranged the financing through First Fidelity Bank on behalf of the borrowers and majority owners, West Coast Capital Partners.
The current ownership purchased the asset in 2019, for $20.9 million, CommercialEdge data shows. Completed in 1985, Cambric Corporate Center is located at 1730-1880 E. River Road and is composed of seven one-, two- and three-story buildings offering 9,000-square-foot floor plates, five passenger elevators and 611 parking spots, the same data provider shows. The office asset is 94 percent occupied and now includes a new fitness center and new, computer-operated energy management systems.
Situated on an 8-acre lot, the campus is located at the intersection of East River Road and North Campbell Avenue, close to Interstates 10 and 19, 6 miles from downtown Tucson, providing easy access to the larger metro and Phoenix, Mesa or Chandler, Ariz.
Venture West Funding Founder & CEO Matt Douglas negotiated the five-year, fixed loan financing, with flexible pre-payment penalties on behalf of the borrower.