NorthMarq's San Diego office arranges $58,700,000 bridge loan for two Class A office buildings

SAN DIEGO, CALIFORNIA (December 18, 2020) – Eric Flyckt, managing director, and Casey Allred, vice president, both of NorthMarq’s San Diego office, arranged a $58,700,000 bridge loan for two recently completed Class A office buildings in the Park Place Business Park in Chandler, AZ.  A national bank funded the two-year, fixed rate, bridge loan with two, six-month options to an affiliate of the Douglas Allred Company. The project is 100% leased to three credit tenants.

The development comprises two, 3-story, Class A, office buildings totaling 275,000 square feet and a 310-space parking structure. The concrete tilt-up buildings offer 11’ to 12’ ceiling heights, high-quality finishes and a 5.72/1,000 parking ratio. The development also offers an outdoor café located between the two buildings with a partially shaded outdoor seating area.

Park Place is a 200-acre park situated in the highly desirable Price Road corridor at the intersection of the Loop 101 and 202 freeways, one of the fastest growing employment corridors in Metropolitan Phoenix. The corridor is home to leading-edge companies involved in financial services, technology, life sciences and other industries needing a skilled and educated workforce.

Allred began assembling the land for Park Place in 2007 and in December 2018 closed on their eighth land acquisition. To date, Allred has developed 11 office buildings, one production building and two restaurant buildings in Park Place totaling over 1,850,000 square feet. In addition to Class A office buildings, this master-planned park includes restaurants and hotels.

Douglas Allred Company, based in San Diego, is a full-service real estate firm with projects in office, industrial, retail and residential sectors. The 40-year-old firm is a recognized leader in both real estate development and asset management.