RED Development Secures $69.3 Million Loan From PGIM For The Offices At The Grove
4300 East Camelback Road
$69,300,000
$373/SF
Building Size
185,536 SF
Asset Type
Office
Closing
Nov 3, 2026
About this deal
AI
The Offices at The Grove is a Class AA office building located at 4300 East Camelback Road in Phoenix, AZ. The asset spans 185,536 square feet and features a four-story structure, an on-site restaurant, two retail spaces, and underground parking.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $69,300,000
- Loan Type: Refinance
- Loan Terms: 5-year
- Lender: Eric Adler - PGIM
- Landlord: RED Development
- Brokers: Kevin MacKenzie, Jason Carlos & Frank Choumas - JLL
The refinancing was arranged by JLL’s debt advisory team, which represents the landlord, RED Development, in this transaction, highlighting the strong backing provided by the fully leased property.
On the Map
$69,300,000
$373/SF
Office
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Players
Phoenix Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93