{"id":1004425087,"date":"2020-04-27T23:58:30","date_gmt":"2020-04-28T07:58:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004425087"},"modified":"2025-02-26T03:22:05","modified_gmt":"2025-02-26T11:22:05","slug":"cbre-arranges-34m-refi-for-phoenix-business-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-34m-refi-for-phoenix-business-park\/","title":{"rendered":"CBRE Arranges $34M Refi for Phoenix Business Park"},"content":{"rendered":"<div id=\"attachment_1004425096\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Park-One-e1587994847654.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004425096\" data-attachment-id=\"1004425096\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-34m-refi-for-phoenix-business-park\/park-one\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Park-One-e1587994847654.png\" data-orig-size=\"580,434\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Park One\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Park One&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Park-One-e1587994847654.png?w=580\" loading=\"lazy\" class=\"wp-image-1004425096 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Park-One-e1587994847654.png\" alt=\"\" width=\"300\" height=\"224\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Park-One-e1587994847654.png 580w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Park-One-e1587994847654.png?resize=300,224 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004425096\" class=\"wp-caption-text\">Park One. <em>Image courtesy of CBRE<\/em><\/p><\/div>\n<p>CBRE Capital Markets Debt &amp; Structured Finance has arranged a&nbsp;$33.8 million refinancing package for Park One, a 217,433-square-foot office campus in Phoenix. Dana Summers,&nbsp;Bruce Francis,&nbsp;Bob Ybarra,&nbsp;Shaun Moothart,&nbsp;Doug Birrell&nbsp;and&nbsp;Jim Korinek secured the financing&nbsp;from Alliance Bank of Arizona on behalf of Velocis.<\/p>\n<p>According to Yardi Matrix data, Velocis purchased the Class A, three-building property in 2016 for $39 million. The company owns another Phoenix office campus\u2014CBRE <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-sells-kierland-one-office-building-in-phoenix\/\">arranged the sale of Kierland One<\/a> last October.<\/p>\n<p>Located at&nbsp;2111, 2121 and 2141 E. Highland Ave. in the Camelback Corridor, Park One consists of two office buildings totaling 205,000 square feet and a freestanding restaurant, all developed in the 1980s. Amenities include a private lake, caf\u00e9 and fitness center, as well as above- and below-grade parking. Yardi Matrix shows that the campus underwent cosmetic renovations between 2012 and 2014. Upgrades included remodeled common areas and amenity spaces. The property was 92 percent leased at the time of the refinancing, according to CBRE information.<\/p>\n<p>The 11.3-acre property is some 7 miles northeast of downtown Phoenix, just east of Highway 51. The surrounding area holds numerous dining and shopping destinations, including Biltmore Fashion Park and Camelback Colonnade.<\/p>\n<p><em>If you\u2019d like to be featured in Brokers\u2019 Corner, simply fill in&nbsp;<\/em><a href=\"https:\/\/www.surveymonkey.com\/r\/BrokersCorner\" target=\"_blank\" rel=\"noopener\"><strong><em>our short form<\/em><\/strong><\/a><em>&nbsp;or send your deal to&nbsp;<\/em><a href=\"mailto:deals@cpe-mhn.com\" target=\"_blank\" rel=\"noopener\"><strong><em>deals@cpe-mhn.com<\/em><\/strong><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The team secured financing from Alliance Bank of Arizona on behalf of Velocis.<\/p>\n","protected":false},"author":870,"featured_media":1004365520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,21747,1601,15],"tags":[32789,33083],"class_list":["post-1004425087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-office","category-phoenix","category-west","tag-cbre","tag-velocis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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