PHOENIX – James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix regional office arranged acquisition financing of $25.5 million for One South Church, a 240,811 sq. ft. office property located at 1 South Church Avenue in Tucson, Arizona. The transaction was structured with a 3-year interest only term.
The property is prominently located on the Sun Link Streetcar route within the heart of downtown Tucson, Arizona. This 23-story tower is leased to a mix of high quality tenants including several of the most notable law firms in the western United States. As the tallest building in Tucson, the One South Church infill location offers a first class business environment and is within walking distance to numerous downtown amenities.
“This value-add, CBD office transaction required bridge financing with a 30-day close,” said DuMars. “NorthMarq, through its diverse source of capital partners, arranged a competitive array of options for the borrower, advised to the best option in the market and worked to close the loan on a very tight schedule.”