333 N Central Avenue
In September 2026, HREC closed a $44.5 million first mortgage loan secured by the office component of 333 N Central Avenue, a landmark mixed-use tower in Downtown Phoenix. The collateral comprises 246,490 square feet of Class AA office space across the top eight floors, 2,522 square feet of ground-floor retail space, rooftop amenity rights, and shared access to the building’s parking structure. A separately owned 242-key Westin Hotel occupies the middle portion of the tower.
Foundation 8 acquired the office component in December 2025. Originally purpose-built as the corporate headquarters of Freeport-McMoRan, the space features expansive floor plates, floor-to-ceiling glass, panoramic views of Downtown Phoenix, and institutional-quality building systems. The property also benefits from the broader mixed-use building’s amenities, including the on-site Westin Hotel, dining, and meeting spaces.
The financing was structured to refinance existing acquisition financing and provide additional capital for leasing costs, tenant improvements, capital improvements, and other expenses associated with Foundation 8’s business plan.
The financing supports Foundation 8’s repositioning of the office space from a historically single-tenant corporate headquarters into a signature multi-tenant office property. The sponsor’s strategy includes a comprehensive leasing program and targeted amenity enhancements designed to capitalize on the quality of the existing space, its prominent downtown location, and demand for high-quality office environments in the Phoenix market. Foundation 8 engaged Newmark to lead the leasing effort.
Sterling Realty Capital acted as debt placement agent and financing advisor to Foundation 8. The transaction highlights Hilco Global’s ability to provide flexible capital solutions for high-quality transitional real estate and structure financing around complex repositioning and value-creation strategies.
