A Scottsdale acquisition is originated from the office in Scottsdale, against a purchase contract. Life company, bank, and CMBS are the commercial paths. Agency and HUD are for multifamily that fits, and we are not a Fannie Mae DUS lender. Bridge is the path when the contract date will not survive permanent underwriting. The statewide acquisition page is the same idea without the city limit.
The published Scottsdale purchase is The Block at Pima Center: Class A+ multi-tenant retail, 37,958 NRSF, $14,500,000, 2022, acquisition on a ground lease, prior firm. Ground lease means the collateral is the leasehold, not the fee. Any new Scottsdale ground-lease purchase has to be underwritten that way. We will not describe this card as fee-simple.
The Airpark flex loan is a refinance of buildings the sponsor already had. It is not an acquisition and it is not on this page. No other Scottsdale purchase is published.
Sources for a Scottsdale acquisition
- Life company
A stabilized Scottsdale purchase when the contract and the lock can both happen.
- CMBS
Purchase proceeds a life company will not reach.
- Bank and credit union
A Scottsdale acquisition a portfolio lender will hold.
- Bridge
A Scottsdale contract date permanent credit cannot meet.
- Retail
Pima Center is the published Arizona retail acquisition.