Permanent, on this desk, means the capital source is holding a stabilized or otherwise qualified Phoenix asset for a term the sponsor can live with: life company, bank, CMBS, or agency and HUD when the property is multifamily that fits. It is not a synonym for bridge, and it is not a coupon we publish on the page.
The only Phoenix tombstone whose purpose line says permanent is the dual-tenant industrial building, about 90,000 square feet, $5,000,000, life company, permanent cash-out, 2019, prior firm. Harvard Court's purpose line is cash-out refinance. It is a real Phoenix loan and it is not labeled permanent, so it is not the proof on this page.
Takeout versus a loan that is already permanent
A takeout is a permanent loan that replaces bridge or another short hold once occupancy and income support it. The industrial card was already a permanent life-company loan, and it was also a cash-out. A sponsor who still has a bridge on a Phoenix asset is a different file. We will not describe the 2019 card as a bridge takeout.
Agency permanent debt is a multifamily conversation. The industrial loan is not a Fannie Mae loan. Capital Market Funds is not a Fannie Mae DUS lender. Stabilized Phoenix apartments that belong in Fannie Mae or Freddie Mac are originated and placed with the executing lender. That path is on the Phoenix multifamily page.
How a Phoenix permanent request starts
Send the address, the rent roll, trailing income, and the note you are replacing if there is one. Prepay and maturity decide whether a permanent refinance is even available this quarter. Proceeds come after that, not before.
The statewide page is Arizona permanent. City of Phoenix detail stays here. Scottsdale Airpark's permanent refinance stays on the Scottsdale permanent page.
Phoenix market context
- Sky Harbor and the freeway grid
- Phoenix Sky Harbor International Airport sits inside the City of Phoenix. Industrial and hospitality requests near the airport are a different rent roll from Desert Ridge, Deer Valley, the Camelback Corridor, or Ahwatukee. The freeway grid is context for which submarket the address is in. It is not a closing. Phoenix Sky Harbor International Airport
Permanent debt is the stabilized story
Occupancy that a permanent lender will take
If the building is still leasing up, do not start in a permanent box and hope. Start in bridge or wait.
Source follows the asset
Apartments that qualify can be agency, HUD, or life company. Commercial cash flow is life company, bank, or CMBS. We do not publish a rate.
The lock is a feature, not a webpage
Life-company locks are typically at application. A coupon printed here would be fiction. The rates page is market context only.
Sources for Phoenix permanent debt
| Source | When it fits |
|---|---|
| Life company | The published Phoenix permanent loan was life company, on industrial. |
| Bank and credit union | A Phoenix permanent hold that should stay on a portfolio. |
| CMBS | When life company or bank proceeds will not reach a stabilized Phoenix asset. |
| Fannie Mae | Permanent debt on leased Phoenix apartments. Not the industrial card. Not a DUS lender. |