Foundation 8, LLC and the Hilco Global Real Estate Capital practice announced the closing of a $44.5 million loan secured by the office component of 333 N Central Avenue, a landmark mixed-use tower in Downtown Phoenix.
The financed property comprises 246,490 square feet of Class AA office space across the top eight floors of the 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.
The financing will support Foundation 8’s repositioning of the office space from a historically single-tenant corporate headquarters into a signature multi-tenant office property. Foundation 8 acquired the office component in December 2025 and has since advanced a comprehensive leasing strategy designed to capitalize on the quality of the existing space, its prominent downtown location, and continued demand for high-quality office environments across the Phoenix market.
Originally purpose-built for Freeport-McMoRan, the office 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 amenities of the broader mixed-use building, including the on-site Westin Hotel, dining, and meeting spaces.
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 to further position it among the market’s top-tier office product.
“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.”
New York-based Sterling Realty Capital 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.
Hilco Global structured the $44.5 million first mortgage financing 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.”
Completed in 2010, 333 N Central Avenue is prominently located in the Downtown Phoenix central business district, with direct access to the Valley Metro Light Rail and proximity to the Phoenix Convention Center, Mortgage Matchup Center, Chase Field, and a growing collection of residential, dining, and entertainment offerings.
The transaction reflects Foundation 8’s continued focus on complex real estate investment and value-creation opportunities and the Hilco Global strategy of providing flexible capital solutions for high-quality transitional real estate.
