Wikipedia's article on the WM Phoenix Open says the tournament is a PGA Tour event held in early February at TPC Scottsdale, on the Stadium Course since 1987, in Scottsdale, Arizona. It is organized by The Thunderbirds and is currently branded the WM Phoenix Open. For a hotel whose income is the collateral, that week can make one month of a trailing twelve look unlike the other eleven. This page does not extend that fact into a January-through-April peak, because the article does not say that. It does not cite a purse, an attendance record, or a share of Arizona conduit volume. Scottsdale's share of the state's CMBS book is not stated here.
The parent page is Arizona CMBS. Phoenix and Tucson have their own conduit notes, Phoenix CMBS and Tucson CMBS, and they are not templates for this one. The city hub is Scottsdale. Resort and hotel collateral in the city is Scottsdale hospitality. A life-company hold on a stabilized Scottsdale building, which is a different box from a conduit, is Scottsdale life company.
Airpark and Scottsdale Road are the commercial files
Wikipedia's Scottsdale Airport article says the City of Scottsdale owns the airport, about nine miles north of downtown, and that it is a general-aviation field. It refers to a surrounding airpark and calls aviation activity at the airport and in that airpark an economic asset. It does not give a dollar impact this page will repeat. Typical airline service under Part 121 is forbidden by airport rules, while JSX operates Part 135 flights. An office or industrial building in that district is underwritten from its leases. The airport's ownership is not the tenant's credit. Retail on Scottsdale Road is a separate rent roll. Neither asset becomes a conduit loan because of the street name.
Conduit debt shows up when a bank or a life company will not write the proceeds or the tenancy, or when the sponsor accepts a lock that is expensive to leave. Yield maintenance and defeasance are compared on yield maintenance versus defeasance. Cash management and lockbox language, without a trigger quoted here, is cash management. A long absolute-net lease to a credit tenant, which some Scottsdale retail is and most hotels are not, is credit tenant lease financing.
What this page will not borrow from Phoenix or Tucson
Phoenix conduit collateral is often a larger industrial or multifamily file. Tucson's is a different metro. Copying either page and swapping the city name would describe the wrong buildings. Scottsdale's distinctive public facts on this page are the early-February tournament at TPC Scottsdale and a city-owned general-aviation airport with an airpark around it. If your building is neither a hotel affected by that week nor a property in that district or on that road, say so in the first paragraph of the package. The capital source might still be a conduit. The story should still be the building's.
Capital Market Funds arranges the loan with the conduit lender. It does not issue securities. It is not a bank. Apartments, if they are the collateral, mean five or more units, and agency debt is a different program. Capital Market Funds is not a Fannie Mae DUS lender. No coupon, spread, or defeasance cost is printed here. Craig Hoebing reads the request at the Scottsdale office, which is a street address in the city and not a claim that the firm is the lender.
Scottsdale market context
- One February week at TPC Scottsdale
- Wikipedia says the WM Phoenix Open is played in early February at TPC Scottsdale's Stadium Course, which has hosted it since 1987. A hotel trailing-twelve can be uneven around that week. Wikipedia, WM Phoenix Open, accessed for this page in October 2026
- City-owned airport, about nine miles north
- Wikipedia says the City of Scottsdale owns Scottsdale Airport, a general-aviation field about nine miles north of downtown, with an airpark around it. Part 121 airline service is forbidden by airport rules. Wikipedia, Scottsdale Airport, accessed for this page in October 2026