Obra Real Estate Refinances Gilbert Office Complex Leased to Northrop Grumman

According to Commercial Observer, Silver Creek Development has secured $31.4 million in bridge financing to refinance a single-tenant office property at 1715 West Elliot Road in Gilbert, Ariz. Obra Real Estate provided the loan on the 2021-built, 120,294-square-foot complex, which is fully leased to Northrop Grumman.

The refinancing centers on an office asset in suburban Phoenix that sits within Gilbert Spectrum Business Park. Commercial Observer reported that the property is about 20 miles southeast of Downtown Phoenix and is part of the park’s 63-acre campus.

Key Details

Silver Creek Development is the borrower and owner tied to the refinancing, while Obra Real Estate is the lender. The tenant is Northrop Grumman, which fully leases the building. In an earlier ownership transaction, Silver Creek acquired the office property for $43.1 million from SunCap Property Group in early 2021, according to AZ Big Media, as cited by Commercial Observer.

Arrow Real Estate Advisors arranged the debt placement. The brokerage team included Morris Betesh, Eliott Zeitoune, Alex Bailkin and Andrew Rosenberg.

Obra framed the closing as an example of its focus on assets backed by institutional-quality tenancy and experienced sponsorship. “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.”

Arrow also pointed to the tenant profile and the speed of execution. “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, Commercial Observer reported.

Why It Matters

This refinancing stands out because it involves bridge debt on a newly built, single-tenant office property with a full-building lease to a major aerospace and defense company. For commercial real estate professionals, deals like this highlight how lender interest can remain tied to tenant credit, sponsorship experience and execution certainty even as office financing remains highly selective.

The transaction also underscores continued capital activity in suburban Phoenix office markets when properties offer clear tenancy and recent construction. In this case, the combination of a fully leased building, an established borrower and a named institutional tenant appears to have helped support the refinancing effort.