A ground-up file in Arizona starts with water, not with a coupon. According to KJZZ's June 9, 2026 account of the litigation, a judge struck down the Arizona Department of Water Resources' stricter Phoenix-AMA restrictions, and what replaces those restrictions was still unsettled. Lenders read that uncertainty as a site question: can this parcel get a plat, a will-serve, or neither. Capital Market Funds does not interpret the ruling as a permit, and it is not legal advice. Counsel and the water provider have to say what the parcel can still do.
Single-lot build-to-rent has been financed in part because it sat outside the subdivision certificate. The assured-water statute attaches to subdivided land offered for sale or lease. A rental community on one lot was not that subdivision, which is why some horizontal rental projects kept moving while for-sale plats stalled. That distinction is a structure fact for the draw lender. It is not a promise that every rental site clears. The Phoenix version of this product is on build-to-rent.
We arrange the construction piece. We are not the construction lender and we do not brand ourselves as one. The holder of the draws is usually a bank, and that comparison is Arizona bank construction. Multifamily that belongs in HUD goes as 221(d)(4) with a HUD-approved lender. A debt fund can hold a shorter plan. A life-company forward is a takeout promise, not the draw facility. Arizona commercial mortgage is the permanent desk once the building is a cash-flow story.
What the draw lender asks for before the first inspection
Send the address, the vertical or horizontal plan, the budget, the sponsor's resume on similar jobs, and whether water is a certificate, a designated provider, or still an open item. If the close is a for-sale subdivision inside an active management area, say so in the first note. Hiding that fact until the third-party report wastes a month.
Each draw then collides with Arizona's lien calendar. The 20-day preliminary notice under A.R.S. 33-992.01, title date-downs, and lien waivers are checklist items, not a legal opinion from this office. The working list is the Arizona construction loan checklist. Confirm notice timing with construction counsel.
Phoenix and Tucson are not the same construction file
City of Phoenix ground-up, including spec industrial and HUD-insured multifamily that has been publicly reported, is Phoenix construction. Pima County build-to-suit, including credit-tenant-lease structures that have been used in Tucson, is Tucson construction. Do not send a Tucson sports-anchored build to the Phoenix page because both need draws.
No tombstone on this site is an Arizona ground-up construction closing. Interest-only language on other cards describes those loans. It does not create a construction program, a rate, or a loan-to-cost quote.
Four holders, and the arranger is none of them
A bank typically funds the draws, often with a mini-perm or a named takeout. A HUD-approved lender is the holder when the program is 221(d)(4) for new or substantially rehabilitated rental housing. A debt fund can hold a shorter plan that will not wait on a bank committee or on HUD. A life company can promise a forward takeout after the building is core. The forward does not replace the draws. Capital Market Funds arranges the introduction. It does not take deposits, wire an inspection, or claim MAP or LEAN approval.
We will not print an interest rate, a loan-to-cost offer, or a ranking of those holders on a construction term sheet. No tombstone on this site is a ground-up closing. Land without a vertical building, lot development, and for-sale subdivision paper are not offered here.
City construction pages under this index
Open the city on the address: Phoenix, Chandler, Mesa, Scottsdale, Gilbert, Goodyear, Surprise, or Buckeye. Inside Phoenix, industrial, multifamily, and self-storage are separate budgets. A West Valley job does not become Scottsdale because the office is there.