Hilco Global Provides $44.5 Million Loan to Foundation 8 for Phoenix Office Tower Repositioning

Hilco Global and Foundation 8, LLC have closed a $44.5 million first mortgage financing secured by the office and retail condominium at 333 N Central Avenue in Downtown Phoenix, the firms announced Sept. 9. The loan will fund the repositioning of what was once a single-tenant corporate headquarters into a Class AA multi-tenant office property.

Sterling Realty Capital, a New York-based firm, acted as debt placement agent and financing advisor to Foundation 8 in connection with the transaction. Adi Bedi, Managing Principal of Sterling Realty Capital, led the financing assignment and worked closely with Foundation 8 and the Hilco Global Real Estate Capital practice throughout the structuring, underwriting, and closing process.

Property and Collateral

The collateral securing the loan comprises approximately 246,490 square feet of Class AA office space across the top eight floors of the 26-story mixed-use tower, 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 building and is not part of the collateral.

The tower, completed in 2010 and located in the Downtown Phoenix central business district, was originally purpose-built for Freeport-McMoRan as its corporate headquarters. The office space features expansive floor plates, floor-to-ceiling glass, and panoramic views of the downtown skyline. The property has direct access to the Valley Metro Light Rail and is within proximity to the Phoenix Convention Center, Chase Field, and a growing collection of residential, dining, and entertainment offerings.

Newmark offering materials describe the office and retail condo interest as encompassing approximately 249,012 square feet, including eight levels of office space, a lobby, the ground-floor retail component, and rights to 514 parking spaces in a nine-level garage.

Foundation 8's Acquisition and Repositioning Strategy

Foundation 8 acquired the office component of 333 N Central Avenue in December 2025 from Peakstone Realty Trust. The Phoenix-based investment and development platform was formed as a venture between GIA Hospitality, LLC and Trillium Management LLC, and focuses on complex acquisition, repositioning, and development opportunities across office, multifamily, hospitality, mixed-use, and residential properties.

The property benefits from a long-term Government Property Lease Excise Tax agreement that significantly abates property taxes through 2060. Freeport-McMoRan holds a remaining lease on a portion of the office space through May 16, 2027, providing near-term income during the repositioning period.

Foundation 8 has engaged Newmark to lead the leasing effort and is actively marketing the property as a premier office destination in Downtown Phoenix. The business plan also includes targeted enhancements to the property's amenity offering. The on-site Westin Hotel provides access to dining, meeting space, and hotel services.

"333 N Central Avenue represents the type of investment opportunity that is central to Foundation 8's strategy — high-quality real estate, an attractive basis and the opportunity to create value through disciplined execution," Foundation 8 said in a statement. "The closing of this financing positions the firm to execute the next phase of the business plan and transform the former single-tenant headquarters into a premier multi-tenant office environment. Foundation 8 greatly appreciated working with Noah Apter and Hilco Global, whose creativity, responsiveness, certainty of execution and understanding of the transaction made them an exceptional financing partner."

Loan Structure and Hilco Global's Role

Hilco Global Real Estate Capital structured the $44.5 million first mortgage to refinance existing acquisition financing and provide additional capital to support leasing costs, tenant improvements, capital improvements, and other costs associated with the execution of Foundation 8's business plan.

"The opportunity stood out to us given the combination of a high-quality physical asset, a sound basis, and a sponsor with a thoughtful strategy for the Property," said Noah Apter, Director, Hilco Global Real Estate Capital. "Foundation 8 has extensive experience repositioning and enhancing the value of assets across the Phoenix market and is well positioned to execute its transformative business plan. We enjoyed working with the Foundation 8 team and are excited to see the next chapter of 333 N Central unfold alongside the continued growth of Downtown Phoenix."

Hilco Global, a subsidiary of ORIX Corporation USA, is headquartered in Northbrook, Illinois, and operates with more than 810 professionals across four continents. The firm provides capital solutions and professional services across real estate, retail, commercial and industrial, manufacturing, and other sectors.

Market Context

The transaction reflects broader dynamics playing out in the Phoenix office market, where demand has increasingly concentrated around high-quality, well-amenitized space in central locations — a trend that has benefited Class AA downtown properties even as overall vacancy rates remain elevated. The repositioning of 333 N Central Avenue from a single-tenant headquarters to a multi-tenant destination is designed to capture that flight-to-quality demand, with the property's institutional-grade finishes, light rail access, and integrated hotel amenities positioned as key differentiators.

The deal also illustrates continued lender appetite for transitional office assets when the underlying real estate quality and sponsor track record support the business plan. For Hilco Global, the financing aligns with its stated strategy of providing flexible capital for high-quality transitional real estate.

About the Firms

Foundation 8, LLC is a Phoenix-based real estate investment and development platform formed as a venture between GIA Hospitality, LLC and Trillium Management LLC. The firm focuses on complex acquisition, repositioning, and development opportunities, combining investment underwriting with active asset management across office, multifamily, hospitality, mixed-use, and residential properties.

Sterling Realty Capital is a New York-based debt placement and financing advisory firm active in the commercial real estate capital markets.

Hilco Global is a diversified financial services company that delivers integrated professional services and capital solutions across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, among others.

Sources

Hilco Global — Foundation 8 Secures $44.5 Million Financing from Hilco Global for 333 N Central Avenue in Downtown Phoenix