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CHANDLER, AZ-A San Diego-based partnership has secured $23.14 million of construction financing to develop the 189,200-sf Chandler Office Park, a spec project with a condo component.

Jamie Dick, vice president of Burnham Real Estate Capital Markets Group in San Diego, arranged the 30-month, floating-rate, LIBOR-based loan through Bank of the West in San Francisco for Chandler Midway LLC. He says the partnership plans to break ground "momentarily, within the next 30 days." The development plan calls for seven office condo buildings and a pair of 56,000-sf, class A, two-story office structures of "for lease" space at the northeast corner of Chandler and Gila Springs boulevards.

Dick tells GlobeSt.com that the loan was somewhat difficult to place because some lenders, particularly ones that are California based, were concerned about the validity and strength of the Phoenix office market. Dick says the partners first approached a couple lenders that they usually did business with and they hesitated. "They [the partners] then picked up the phone, gave me a call and asked if I had any thoughts," he says. "I introduced them to Bank of the West, which is a new lender for them."