Obra Supplies $31M Refi on Arizona Northrop Grumman-Leased Office Property

Silver Creek Development has secured $31.4 million of bridge debt to refinance a single-tenant office complex in suburban Phoenix, Commercial Observer has learned

Obra Real Estate provided the loan for the developer’s 2021-built office property at 1715 West Elliot Road in Gilbert, Ariz. The complex is fully leased to Northrop Grumman, a global aerospace and defense technology company.

“This transaction reflects our continued focus on high-quality assets supported by institutional credit and experienced sponsorship,” Michael Bachenheimer, managing director at Obra Real Estate, said in a statement. “Our ability to move quickly and deliver certainty of close is a key differentiator, particularly for sponsors seeking flexible capital in today’s market.” 

Silver Creek acquired the 120,294-square-foot office building for $43.1 million from SunCap Property Group in early 2021, AZ Big Media previously reported. 

Arrow Real Estate Advisors arranged the transaction with a team consisting Morris Betesh, Eliott Zeitoune, Alex Bailkin and Andrew Rosenberg. 

Located 20 miles southeast of Downtown Phoenix within the 63-acre Gilbert Spectrum Business Park, the Northrop Grumman-leased property is strongly positioned from having a long-term tenant in place in one of the nation’s strongest-performing markets for corporate investment and employment growth, according to Arrow 

“This transaction underscores the continued demand for high-quality assets backed by institutional-caliber tenancy and experienced sponsorship,” Betesh, managing partner at Arrow Real Estate Advisors, said in a statement. “Northrop Grumman’s investment-grade profile, combined with the sponsor’s track record and active presence in the market, made this an exceptionally compelling finance opportunity that closed in under 30 days.” 

Silver Creek Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.