RED Development Secures $69.3M Refinancing for Phoenix Office

PGIM provided a five-year, fixed-rate loan for The Offices at The Grove at 4300 E. Camelback Road.

Updated on Nov. 4, 2026 in Commercial

Bold flat-color vector editorial illustration of a stepped mid-rise office block in a desert setting, with a concrete parking deck at its base, evoking a commercial property refinancing. — RED Development secured a $69.3 million five-year fixed-rate refinancing from PGIM for The Offices at The Grove in Phoenix, replacing 2023 bank debt. AI Illustration. Upload story photo >

RED Development obtained $69.3 million in refinancing for The Offices at The Grove, a 185,536-square-foot office building in Phoenix. The five-year, fixed-rate loan from PGIM replaces 2023 financing obtained from Western Alliance Bank.

Why it matters

The building is fully leased to investment-grade tenants, and the new loan refinances the property's existing debt under a fixed-rate structure. JLL arranged the financing for the borrower.

The loan is a five-year, fixed-rate facility secured by the office building, Pyro restaurant, two retail spaces and an underground parking facility. The extraction does not specify the interest rate.

The players

RED Development

RED Development is the Phoenix-based developer and borrower behind The Offices at The Grove.

PGIM

PGIM is the global asset manager that provided the five-year, fixed-rate loan for the refinancing.

JLL

JLL is the global commercial real estate services firm whose Debt Advisory team arranged the financing.

The details

JLL Capital Markets' Debt Advisory team represented the borrower in arranging the refinancing. The four-story office building was completed in the fourth quarter of 2022 and has achieved LEED certification, with access to 631 spaces in a shared parking structure.

2022, fourth quarter: The Offices at The Grove building was completed.
2023: Original financing was obtained from Western Alliance Bank.
November 4, 2026: RED Development obtained the $69.3 million refinancing.

Market Landscape

Phoenix's office market showed relative strength at midyear 2026, and the fully leased, investment-grade tenancy at The Offices at The Grove fits that pattern. Recent deals such as Trinity Capital's long-term lease at 333 Tower in October 2026 point to continued tenant demand downtown.

For Phoenix area businesses and workers, the fully leased, investment-grade tenancy means the building's occupancy is secured under longer-term commitments. The fixed-rate loan gives the property owner predictable debt costs over the five-year term.

The takeaway

Fixed-rate, long-term financing on fully leased office buildings signals lender confidence in well-occupied commercial property. Readers tracking Phoenix commercial real estate can watch whether similar refinancings follow in the coming months.