Eagle Provides Bridge Loan for Creative Office

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.