Sponsors who own in more than one state often ask for one note, one set of covenants, and a way to sell a single building later. Portfolio and blanket documents commonly include a partial-release clause for that reason: a payoff amount, and a test that the remaining pool still meets leverage or coverage, so one sale does not force a refinance of everything. The clause is negotiated with the lender. Capital Market Funds does not draft it and does not promise that every bank or life company will offer it. CMBS is usually a poor fit for a sponsor who expects to sell assets one by one. The Arizona-only version of this structure, with the release mechanics written out, is Arizona portfolio refinance.
The anchor we can speak for is Arizona collateral, arranged from Scottsdale under CMB-1047342. A property in California, Colorado, or Utah is added only if the executing lender is licensed for that collateral and counsel approves the documents. We do not claim a California, Colorado, or Utah license, and we do not list an office outside 7373 E Doubletree Ranch Rd #255. Pair pages that start from a specific second state are Denver and Phoenix, Utah and Arizona, and Arizona and California.
What to send when the pool crosses a state line
A list of addresses, the state of each deed, the rent roll for each, and which asset you expect to sell first. Mark the Arizona properties. If a non-Arizona property is the one you need released, say so, because that is the clause that will decide whether a blanket is even worth asking for. Single-asset Arizona refinance, with no pool, stays on Arizona refinance.
We will not publish a portfolio coupon, a release price, or a volume of multi-state closings. No tombstone on this site is a blanket loan.
Agency pools are still agency rules
Scattered apartments can sometimes be one agency loan when the program allows it. That is still placed with the lender who executes Fannie Mae or Freddie Mac. We are not a DUS lender and not an Optigo seller/servicer. A warehouse in the same sponsor's portfolio does not ride along on the agency note.
Tax questions about holding companies, opportunity zones, or exchanges belong to your CPA. We arrange the debt.
Holders that sometimes take a pool
| Source | When it fits |
|---|---|
| Arizona portfolio | Two or more Arizona properties. Release language is the point. |
| Life company | A frequent place to negotiate releases on stable assets. |
| Bank | A relationship hold when recourse on the pool is acceptable. |
| CMBS | Proceeds can stretch. Casual partial releases usually do not. |