{"id":1004537219,"date":"2021-05-25T08:23:48","date_gmt":"2021-05-25T16:23:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004537219"},"modified":"2022-12-08T21:19:44","modified_gmt":"2022-12-09T05:19:44","slug":"regent-properties-lands-62m-loan-for-phoenix-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/","title":{"rendered":"Regent Properties Lands $62M Loan for Phoenix Campus"},"content":{"rendered":"
\"\"<\/a>

Elevate 24. Image courtesy of CBRE<\/p><\/div>\n

Regent Properties has obtained a $61.7 million bridge loan to refinance Elevate 24, a two-building, 323,251-square-foot office property in Phoenix\u2019s Camelback Corridor. Public records show Forethought Life Insurance Co. provided the non-recourse financing. Working on behalf of the owner, a CBRE team facilitated the deal.<\/p>\n

\n

READ ALSO<\/strong>: GTIS Forms JV to Develop Phoenix-Area Industrial Project<\/a><\/p>\n

\n

Elevate 24 is one of the 12 office holdings Regent Properties owns in the Valley, according to CommercialEdge information. Regent acquired the Class A asset in 2017 for $66.4 million from McCarthy Cook.<\/p>\n

Completed in 1986 and most recently renovated in 2019, the office campus occupies nearly 5 acres at 4722 and 4742 N. 24th St. The buildings feature four above-grade and three subterranean levels. Amenities include a conference center, a 3,000-square-foot fitness center and 10 collaborative meeting areas, as well as the 1-acre Deck park with bocce ball and croquet.<\/p>\n

Elevate 24 is roughly 7 miles northeast of downtown Phoenix, in the Camelback East submarket. Numerous hotels, restaurants and shops, including the 700,000-square-foot Biltmore Fashion Park Mall, are within walking distance. Also within walking distance is Biltmore Center, the 643,145-square-foot office landmark which traded last year in a record-breaking deal<\/a>.<\/p>\n

CBRE\u2019s Bruce Francis, Dana Summers, Shaun Moothart, Robert Ybarra, Doug Birrell and Tim Bokinsky arranged the financing. The firm was also instrumental in the $33.8 million refinancing<\/a> of Park One, a 217,433-square-foot office campus along the Camelback Corridor.<\/p>\n

One of the largest financing<\/h2>\n

CommercialEdge data shows Elevate 24\u2019s refinancing is one of the largest financing deals that have closed in the Phoenix office market since March. The top transaction was the $68 million loan that accompanied the $110 million sale of PetSmart\u2019s headquarters.<\/p>\n

According to a recent CBRE report, net absorption for Phoenix office product in the first quarter of 2021 was the third-lowest in history, with vacancy rising to 19.1 percent. And despite a slight decrease to roughly $28 per square foot, the average listing rate was the second-highest ever recorded.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE has facilitated one of the metro\u2019s largest office financing deals so far this year.<\/p>\n","protected":false},"author":870,"featured_media":1004537220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1601,15],"tags":[32789,41663,39834],"class_list":["post-1004537219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-phoenix","category-west","tag-cbre","tag-mccarthy-cook-company","tag-regent-properties"],"acf":[],"yoast_head":"\nRegent Properties Lands $62M Loan for Phoenix Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regent Properties Lands $62M Loan for Phoenix Campus\" \/>\n<meta property=\"og:description\" content=\"CBRE has facilitated one of the metro\u2019s largest office financing deals so far this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-25T16:23:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:19:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1229\" \/>\n\t<meta property=\"og:image:height\" content=\"921\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/\",\"name\":\"Regent Properties Lands $62M Loan for Phoenix Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg\",\"datePublished\":\"2021-05-25T16:23:48+00:00\",\"dateModified\":\"2022-12-09T05:19:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg\",\"width\":1229,\"height\":921,\"caption\":\"Elevate 24\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Regent Properties Lands $62M Loan for Phoenix Campus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1\",\"name\":\"Adriana Marinescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"caption\":\"Adriana Marinescu\"},\"description\":\"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/adriana-marinescu\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Regent Properties Lands $62M Loan for Phoenix Campus - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/","og_locale":"en_US","og_type":"article","og_title":"Regent Properties Lands $62M Loan for Phoenix Campus","og_description":"CBRE has facilitated one of the metro\u2019s largest office financing deals so far this year.","og_url":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-05-25T16:23:48+00:00","article_modified_time":"2022-12-09T05:19:44+00:00","og_image":[{"width":1229,"height":921,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg","type":"image\/jpeg"}],"author":"Adriana Marinescu","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/","url":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/","name":"Regent Properties Lands $62M Loan for Phoenix Campus - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg","datePublished":"2021-05-25T16:23:48+00:00","dateModified":"2022-12-09T05:19:44+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg","width":1229,"height":921,"caption":"Elevate 24"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/regent-properties-lands-62m-loan-for-phoenix-asset\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Regent Properties Lands $62M Loan for Phoenix Campus"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1","name":"Adriana Marinescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","caption":"Adriana Marinescu"},"description":"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.","url":"https:\/\/www.commercialsearch.com\/news\/author\/adriana-marinescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Elevate-24-e1621949433264.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004537219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/870"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004537219"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004537219\/revisions"}],"predecessor-version":[{"id":1004537402,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004537219\/revisions\/1004537402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004537220"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004537219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004537219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004537219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}