Peoria keeps adding owner-user sites along Loop 303 and Lake Pleasant Parkway: a contractor's yard, a small medical building, a flex bay the company will move into. Those new buildings are why the 504 occupancy test is not one number. SBA rules generally require the operating company to occupy at least 51 percent of an existing building. New construction generally requires at least 60 percent occupied at completion, with a plan to occupy more over time. Peoria's new sites are the 60 percent case. We apply that rule. We do not quote a debenture rate around it.
The P83 district and the Peoria Sports Complex are a hospitality conversation and live on the Peoria bank page. A restaurant the sponsor occupies can still be 504 if the program accepts the property type and the equity. A leased pad the sponsor does not occupy cannot. No Peoria tombstone exists to pretend otherwise.
New Peoria construction is not a draw on this firm's paper
If the 504 is the takeout, a bank may fund construction draws in the meantime. Those draws are the bank's. Capital Market Funds does not fund them and does not keep a construction product on its own paper. Ground-up work without a bank that will inspect it is not a file we dress up as 504.
The corridor context is Peoria and Loop 303 industrial. Statewide 504 rules, stated once, are Arizona SBA 504.
Peoria 504 is not a Glendale file with a new city name
Luke Air Force Base is Glendale. Lake Pleasant Parkway owner-users are Peoria. We do not copy the Glendale page and swap the city. Send the address.
Craig Hoebing compares the first mortgage from Scottsdale. (480) 495-8072. The form is not an SBA application.