An Arizona lease-up loan is for an asset that is not ready for permanent debt: units or suites still leasing, a renovation in progress, or a plan agency and life-company credit will not underwrite on today's numbers. Capital Market Funds sources that capital from private investors and documents the takeout. When the trailing income is real, we originate the permanent loan if that is the file it has become.
Sponsors also ask for construction loans. Construction is not a standalone product we shop. Two adjacent paths are honest. Bridge or private credit can fund a transitional business plan on an asset that exists. HUD 221(d)(4) is the HUD program for substantial rehabilitation and new multifamily, originated with a HUD-approved lender. We do not claim MAP or LEAN approval, and 221(d)(4) is not a generic construction counter.
The published value-add file is a 2026 Capital Market Funds closing: $28,000,000, Tucson multifamily, life company, interest-only during construction, 80% LTC, as the tombstone states. That is life-company debt, not a bridge loan and not a construction product line. The published Arizona bridge is the 2019 Chandler office origination of $14,000,000.
How the capital is shopped
- Bridge and private
Transitional capital sourced from private investors, with a takeout in mind.
- HUD / FHA
223(f), 221(d)(4), and 232 with a HUD-approved lender. Not MAP or LEAN approval.
- Life company
Permanent debt for core cash flow. Rate lock is typically at application.
- Fannie Mae
Stabilized Arizona multifamily. Originated to Fannie Mae. Not a DUS lender.
- Freddie Mac
Optigo conventional, targeted, and value-add. We are not the seller/servicer.
- Permanent
Stabilized senior debt once the asset is a cash-flowing story.