Sponsors still deliver a large volume of Phoenix-area industrial space. We will not publish a rank for that volume. What changed for the loan is the question a construction lender asks when the bay is dark: who has already signed, how long the sponsor can carry an empty building, and what the takeout is if the lease slips. A build-to-suit with a credit tenant is a different file from a merchant shell. The leased-building page, after the tenant is in, is Phoenix industrial. The West Valley freeway version is Loop 303 industrial.
Citywide ground-up, including products that are not warehouses, is Phoenix construction. The index is construction financing. Owner-user plants near the fabs are manufacturing facilities. Deer Valley infill, which is standing stock more often than a new shell, is Deer Valley.
Pre-leasing is a document, not a hope
Send the Phoenix or West Valley address, the clear height, the share of the building that is leased or under a letter of intent, and the sponsor's liquidity. A bank may fund a pre-leased box and decline a fully speculative one. A debt fund may fund the spec box at a lower advance and a shorter term. A life-company forward is a takeout for the leased building, not the draw during the steel package.
Fannie Mae does not finance a warehouse, under construction or after. We are not a DUS lender on the apartments we do finance.
The 2019 Phoenix industrial card is not a shell
The published Phoenix industrial loan is a life-company cash-out on a dual-tenant building. It is not a spec construction facility. It stays on the industrial page.
We do not quote a Phoenix industrial loan-to-cost. The next shell is its own budget.
Spec versus build-to-suit in Phoenix
| Source | When it fits |
|---|---|
| Phoenix construction | The city ground-up page when the asset is not only industrial. |
| Bank construction | Draws when a bank will hold a pre-leased Phoenix box. |
| Spec capital | A debt fund for a shell that is ahead of the lease. |
| Phoenix industrial | Permanent debt once the tenant is real. |