Phoenix – September 15, 2026 -- Foundation 8, LLC has closed a $44.5 million first mortgage loan with Hilco Global Real Estate Capital to refinance and reposition the office component of 333 N Central Avenue, a landmark mixed-use tower in Downtown Phoenix.
Loan refinances acquisition debt and funds leasing costs
The financing replaces existing acquisition debt and provides additional capital for leasing costs, tenant improvements, and capital improvements tied to Foundation 8's business plan for the property. The office component spans 246,490 square feet of Class AA space across the top eight floors, plus 2,522 square feet of ground-floor retail, rooftop amenity rights, and shared parking access. A separately owned 242-key Westin Hotel occupies the building's middle floors.
Foundation 8 converts single-tenant tower into multi-tenant asset
Foundation 8 acquired the office component in December 2025 and has pursued a leasing strategy targeting Phoenix's continued demand for high-quality office space. The tower was originally built for Freeport-McMoRan as a single-tenant headquarters and features expansive floor plates, floor-to-ceiling glass, and panoramic downtown views. Newmark has been engaged to lead leasing efforts as the property is marketed as a premier multi-tenant destination.
Sterling Realty Capital advised on debt placement
New York-based Sterling Realty Capital acted as debt placement agent and financing advisor to Foundation 8, with Managing Principal Adi Bedi leading the assignment through structuring, underwriting, and closing. Noah Apter, Director at Hilco Global Real Estate Capital, said the opportunity combined a high-quality physical asset with a sponsor experienced in repositioning Phoenix-market properties.
Tower offers light-rail access near Phoenix Convention Center
Completed in 2010, 333 N Central Avenue sits in the Downtown Phoenix central business district with direct access to the Valley Metro Light Rail and proximity to the Phoenix Convention Center and Chase Field.