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Velocis Snags $34M Refi for Camelback Corridor Asset

CBRE Capital Markets Debt & Structured Finance arranged a $33.84-million loan for the refinancing of Park One, a 217,433-square-foot Class A office property in Phoenix’s Camelback Corridor. CBRE secured the loan through Alliance Bank of Arizona on behalf of the Dallas-based borrower, Velocis.

Located at 2111, 2121 and 2141 E. Highland Ave., the three-building Class A office property is comprised of two- and four-story buildings and a freestanding restaurant. It is 92% leased to a mix of high-quality tenants. The property features remodeled common areas and amenity spaces, including lobbies, corridors, elevator cabs, on-site café, landscaping and outdoor seating areas.

CBRE’s team included Dana Summers, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek.

Francis notes, “…the lender honored all of the loan terms which were quoted pre-pandemic. Due to everyone’s expertise and professionalism, the loan closed on time without any issues.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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