Reviewed by Craig Hoebing, AZ Commercial Mortgage Banker CMB-1047342 · Updated October 2026
Sponsors who already have a page on Arizona commercial refinance are usually replacing one note on one address. This page is the other job: several addresses, one obligation, and a written path to let a property out later. If the request is a single Phoenix or Tucson asset, stay on the statewide refinance page or the city page for that address.
A blanket mortgage can sit on every property in the pool. Cross-collateralization can instead keep separate mortgages that default together. Lenders and life companies use both. The borrower feels the difference when a sale is ready and the release price is a surprise. That price is negotiated before the term sheet is treated as final, not after a buyer is in escrow.
Capital Market Funds is a Scottsdale commercial mortgage banker, license CMB-1047342, NMLS 1445066. Craig Hoebing arranges the file from 7373 E Doubletree Ranch Rd #255. The firm does not fund the loan, does not publish a portfolio coupon, and does not treat a group of buildings as proof of a closed blanket deal.
What has to be true before a pool is financeable
Each property needs its own rent roll, its own NOI, and a reason it belongs with the others. A lender will still underwrite the weak asset. Mixing a leased industrial building with a vacant retail box does not average into a clean credit. Say which property is the problem child at the start.
Debt service is usually tested on the combined NOI and, by many life companies and banks, on each property with the others removed. If one building cannot carry a stated fraction of the payment, the release will be expensive or unavailable. That test is the conversation. A sizing pass on the combined number alone is not.
Use the loan sizing calculator on a single asset or on a combined NOI you add up yourself. It will not model release prices, and it will not supply a rate. The prepayment estimator is for the notes you would be paying off, one document at a time.
Release, substitution, and partial payoff
A partial release lets the borrower sell or refinance one property if the remaining pool still meets a loan-to-value test, a debt-service test, or both, and if a release price is paid down. Some documents require a fixed percent of the allocated balance. Some require the greater of a percent and the amount that restores the original leverage. Those are different checks.
Substitution, when it is offered at all, lets a new property replace one that is leaving. Insurance companies that do this want the replacement leased, in the same general quality band, and often in a market they already like. It is not a right you should assume exists on a bank loan or a CMBS conduit.
CMBS is a poor home for a sponsor who expects to sell buildings one by one. Defeasance or yield maintenance is usually owed on the allocated loan amount, and the special servicer is not set up for a casual partial release. A bank or a life company is the more ordinary place to negotiate releases. Bridge lenders sometimes cross-collateral a small pool for a short plan, with extensions instead of a 10-year hold.
How this differs from a one-property refinance
The single-asset refinance page is about beating or surviving the note already on that building: prepay, payoff, recourse, and maturity. A portfolio request adds allocation, which property may leave, and whether a default on one address is a default on all of them. Those clauses decide whether the pool is actually a pool.
Cash-out across a pool is a proceeds question on top of the collateral question. The capital source will ask what the cash is for. We do not publish a proceeds table, and we do not move a published single-asset closing onto this page to imply a blanket loan that the tombstone does not describe.
Agency multifamily can be a single loan on scattered apartments when the program allows it. That is still arranged with the lender that executes Fannie Mae or Freddie Mac. Capital Market Funds is not a Fannie Mae DUS lender and not an Optigo seller/servicer. HUD, life company, bank, and CMBS remain separate paths, described on their own pages and compared without rates on the lender-type table.
Portfolio refinance questions
- Is a blanket loan the same page as a one-building Arizona refinance?
- No. The statewide refinance page is one note on one asset. This page is two or more properties tied together, with release language as the underwriting issue.
- Will Capital Market Funds fund the portfolio loan itself?
- No. The firm arranges the financing with a bank, life company, CMBS desk, or other capital partner. It is not the lender.
Read with the single-asset refinance
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