Investment property, on this desk, means the income comes from tenants other than the sponsor. Life company, CMBS, and bank will all look at that rent roll. Multifamily investment property can also be Fannie Mae, Freddie Mac, or HUD. We are not a Fannie Mae DUS lender. The leverage, the recourse, and the lock follow the source. We do not promise non-recourse on every file, because several of the published cards do not say non-recourse.
Two cards illustrate leased investment property without being owner-user. Scottsdale Airpark: three flex buildings, $6,850,000, life-company permanent refinance, 2019. The Block at Pima Center, Scottsdale: $14,500,000 retail acquisition on a ground lease, 2022. Both are prior-firm originations. Harvard Court and the Phoenix industrial cash-out are also investment property, and they are shown on the cash-out page so this page does not reprint every Arizona card.
The Chandler office at $15,600,000 is marked owner-user. It does not belong in this proof set. A sponsor who both occupies a suite and leases the rest should say so. The split decides the box.
Sources for investment property
- Life company
Leased commercial cash flow. The Airpark refinance was this execution.
- CMBS
Investment property when life company or bank proceeds fall short.
- Fannie Mae
Investment multifamily that is stabilized. Not a DUS lender.
- Owner-occupied
Use this if the sponsor's business occupies the building.