CIM Group has closed a $353 million loan to Monarch Alternative Capital and Tourmaline Capital Partners for the acquisition of a premier four-building office complex totaling more than 1 million square feet at The Esplanade mixed-use campus in Phoenix.
The four properties are located at 2425, 2525, 2575, 2555 E. Camelback Road in Phoenix’s Camelback Corridor submarket, known as Esplanade I, II, IV, and V, which are 10- and 11-story class-A office towers, with 60,000 square feet of retail and a three-level underground parking garage with 3,883 spaces. On-site amenities include fitness centers, lounge-style event spaces, a high-tech conference center, and expansive common areas, and Esplanade is near restaurants, shopping, entertainment, and hospitality options.
The Esplanade in the Camelback/Biltmore corridor is located at the intersection of Camelback Road and 24th Street adjacent to State Route 51 and within a 10-minute drive to downtown Phoenix, downtown Scottsdale
