Transwestern Secures $59M to Buy Camelback Esplanade III

The investor acquired the class-A 218,000-square-foot office property in partnership with an institution.

By Kelsi Maree Borland | September 20, 2019 at 04:00 AM

Transwestern and an institutional partner have secured a $59.5 million loan to acquire Camelback Esplanade III, a class-A 218,000-square-foot office property. NXT Capital provided debt for the loan with a four-year term with one, one-year extension option.

Camelback Esplanade III is an institutionally managed asset, built in 1997. The property is leased to a strong mix of nationally recognized tenants across various industries, including legal, insurance, financial and real estate services.

Bruce Francis, Bob Ybarra, Dana Summers, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance secured the loan on behalf of the owner.

NOT FOR REPRINT

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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