The financing package, arranged by Dallas-based Holliday Fenoglio Fowler LP's of New York City office through GMAC Financial Services will be used to improve the existing pre-built units at the 606,52-sf property, located in the heart of downtown Scottsdale at 4343 N. Scottsdale Rd. "Basically, we'll be building out some of the space that is in the process of being leased out," Raymond Chalme, principal of JEMB Realty, tells GlobeSt.com.

Chalme said the property, which is expected to be fully leased by year's end, is currently between 50% and 60% occupied with several new tenants now negotiating leases between 30,000 and 100,000 sf. "Things are looking good at the Galleria," he said, noting that a portion of the building's concourse level is being turned into a call center for one prospective firm.

Situated on more than nine acres, the former shopping mall underwent a $41-million facelift in November 2001 that turned the property into one of the premier mixed-use office and retail complexes in Scottsdale. The renovation project, which won local architect DFD CornoyerHedrick awards for its redesign, features a three-story atrium, fiber-optic connections and flexible suite configurations catering to medium and large corporate clients.

The property currently is home to a number of high-profile tenants, including Lifewise Health Plan, Scottsdale Center and Visitors Bureau, Milestone Equities and Oak Street Mortgage along with American Founders Life, Scottsdale Culinary Institute and New York Life.

The financing package was arranged by Holliday's Michael Tepedino, managing director, and Ed Finnegan, associate director, both in the New York City office and Steve Gunther, a senior director in the Newport Beach, CA, office.