Foundation 8 and Hilco Global Real Estate Capital closed a $44.5 million loan secured by the office component of 333 N Central Avenue, a mixed-use tower in Downtown Phoenix.
The financed property comprises 246,490 square feet of Class AA office space across the top eight floors of the tower, 2,522 square feet of ground-floor retail space, rooftop amenity rights, and shared access to the building’s parking structure. A separately owned 242-key Westin Hotel occupies the middle portion of the building.
The financing will support Foundation 8’s repositioning of the office space from a historically single-tenant corporate headquarters into a signature multi-tenant office property. It was originally built for Freeport-McMoRan.
Foundation 8 has engaged Newmark to lead the leasing effort.
Hilco Global structured the $44.5 million first mortgage financing to refinance existing acquisition financing and provide additional capital to support leasing costs, tenant improvements, capital improvements, and other costs associated with the execution of Foundation 8’s business plan.
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