Former Phoenix Bank Tower Converting to Apartments

Former Phoenix Bank Tower Converting to Apartments
News| December 8, 2025| Mike Boyd
Phoenix & Southwest + Apartment Buildings

Kinella Capital has acquired One Camelback, a 163-unit commercial-to-multifamily conversion project in Phoenix. The project is taking shape at the site of the former BMO Harris Bank tower.

Kinella secured financing from Post Road Group to complete construction. Commercial Edge reports Kinella specializes in acquiring and completing complex development efforts, including stalled, lender-owned and distressed assets, and has stabilized numerous luxury multifamily projects in similar stages across Arizona.

The redevelopment of One Camelback, which began in 2019, had been paused since 2023, when the project was 85 percent complete. Kinella will complete construction which is expected to conclude by the end of 2026.

A Cushman & Wakefield Equity, Debt & Structured Finance team of David Karson, Megan Schmitt and Mitch Rothstein arranged the financing on behalf of Kinella Capital. Steven Nicoluzakis and David Fogler of Cushman & Wakefield’s Multifamily Investment Sales group represented Kinella in the acquisition.

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