PHOENIX—In two separate financings, both funded within three weeks of application, Eagle Group Finance has provided short-term loans secured by a creative office building in Phoenix and an industrial building near Reno.

Eagle Group Finance provided a Los Angeles-based investor with a $1.6 million bridge loan, which was secured by a 19,000-square-foot single-story creative office building in downtown Phoenix. The sponsor acquired the former Graham Paper Company Warehouse at 521 S. 3^rd St. in 2011 and after an extensive rehab returned it to the market. Architectural firm Gould Evans signed a lease for 50% of the building, which commenced early last year. The building is the first phase of a planned $55 million mixed use development that will include 300 multi-family units, and retail space. The loan proceeds will be used to complete the interior of the office building and finance future development costs associated with the new development.

“This was an opportunity to be involved in a transformative development project that is helping to redefine Phoenix's historic warehouse district,” says Eagle president Brian Good. “The area is benefiting from an influx of shops and restaurants moving into the area.”