A Phoenix conduit request shows up when the sponsor needs proceeds, a structure, or an asset type that insurance companies and banks decline. Retail, industrial, office, self-storage, hospitality, and some multifamily can be CMBS. Single-asset execution is for a loan large or distinct enough to stand alone. Capital Market Funds places the loan with an active issuer.
No CMBS tombstone is published. The Phoenix industrial loan is life company, $5,000,000, permanent cash-out. It is not a conduit loan, and this page does not relabel it. Scottsdale Airpark is also life company. We do not estimate Phoenix CMBS volume.
Conduit is the same conversation as CMBS
Borrowers say conduit, CMBS, and sometimes securitized debt for one product. The work is a loan the sponsor can live with after closing: cash management, prepay, and special servicing are part of the bargain. We explain that before a term sheet is treated as a life-company quote.
An investor-owned refinance of a Phoenix property with a loan coming due can be CMBS if defeasance or yield maintenance on the current note still leaves a deal. We do not publish a defeasance cost. Send the existing loan documents.
When Phoenix CMBS loses to another source
A core industrial or retail building with moderate leverage is often Phoenix life company. A relationship hold, including recourse, is Phoenix bank. Stabilized apartments are usually agency, and we are not a DUS lender. CMBS on apartments is the exception, not the default.
Office in Phoenix is underwritten to the roster. We will not describe a vacant building as a conduit file. Statewide CMBS is Arizona CMBS.
When CMBS is the box, and when it is not
| CMBS | Usually not CMBS | |
|---|---|---|
| Why it shows up | Proceeds or a structure life company and bank credit will not write | A very small balance, a Cave Creek shop, or a Fountain Hills building |
| Who holds it | A conduit or a single-asset execution. We are not the issuer. | A bank relationship the sponsor actually wants to keep |
| Apartments | When agency and HUD are the wrong fit | Stabilized multifamily that prices cleaner at Fannie Mae or Freddie Mac |
Phoenix sources we test before CMBS
| Source | When it fits |
|---|---|
| Arizona CMBS | Statewide conduit and single-asset. No CMBS tombstone there either. |
| CMBS execution | How conduit and single-asset origination works. |
| Phoenix life company | The published Phoenix permanent loan, which is not CMBS. |
| Phoenix bank | A portfolio hold when securitization is the wrong box. |