Suburban Phoenix Mixed-Use Project Nets $65M Financing
- Jul 31, 2008
With construction starting earlier this year on Park Place, a mixed-use development in the Phoenix suburb of Chandler, Ariz., developer Cybert Hall Partners has gained $65.2 million in financing for the project. Buchanan Street Partners negotiated the financing package on behalf of Cybert Hall. Park Place is planned to be a 100-acre mixed-use business park located at the intersection of Highways 101 and 202 in Chandler. The business park is located across the highway from the popular Chandler Fashion Center and is near the corporate campus corridors on Price Road, which is home to many Fortune 500 companies including Intel, Wells Fargo, Motorola, Toyota Finance and Charles Schwab, among others. The speculative master-planned business park will include two Hilton brand hotels totaling 285 rooms, amenity-oriented retail and approximately 1.5 million square feet of Class A office space. Construction began on Park Place begin in early spring and may have some of the office space open as early as December 2009 with the project complete by 2012, according to Phoenixhomes.com. Buchanan Street matched Cyburt Hall Partners with a new joint venture pairing through an existing relationship with National Electric Benefit Fund (NEBF). Previously Buchanan had structured a $37 million construction loan for the project in the fourth quarter of 2007, which the company then restructured due to the equity recapitalization. Buchanan Street Partners is a real estate investment management firm headquartered in Newport Beach, Calif., and is a subsidiary of The TCW Group. Cyburt Hall Partners, located in Los Angeles, is a national real estate investment and development firm, founded in 2003 by Phil Cyburt and Brad Hall. Cyburt Hall Partners’ investment strategy targets 20 percent-plus returns through investing in asset repositioning, recapitalization and development opportunities. Its current portfolio includes investments in Arizona, Nevada, Colorado, Illinois and New York.