Wikipedia describes Arizona State University as a public research university in Tempe. Its Tempe-campus section says the campus is in downtown Tempe, about eight miles east of Phoenix, and that the campus is considered to run from Rural Road to Mill Avenue and from Apache Boulevard to Rio Salado Parkway. A bridge on student-oriented apartments near that campus is underwritten to those leases, including turnover around the academic calendar. The university is not a borrower, not a guarantor, and not affiliated with this office. The City of Tempe's Town Lake page says the lake is more than two miles long, created by damming a portion of the Salt River, running from west of McClintock Drive to east of Priest Drive between Rio Salado Parkway and Curry Road, in place since 1999. The city lists economic vitality as one of the lake's roles and notes that the Rio Salado and Beach Park Master Plan was adopted by the council in 2018. A bridge on an office or mixed-use building along that edge is a lease-up or repositioning of that building. The lake's visitor figures are not income.
This is the Tempe child of Arizona bridge. It is not Mesa bridge, which is Falcon Field, Gateway, and older East Valley product. The city hub is Tempe. Lake-edge property as a submarket is Tempe Rio Salado. Apartments as a property type are Tempe multifamily. Shopping space, if that is what is dark, is Tempe retail. When the building is calm, Tempe refinance is the permanent conversation.
Term, reserve, and exit on a Tempe transitional loan
Ask the private lender for the initial months, whether an extension is a right or a request, and what occupancy or leasing event the extension requires. Those blanks stay blank on this page because filling them would look like a quote. Interest reserved at closing covers payments while a Tempe building is still leasing to students or to lake-area office users. It is not renovation capital. The exit has to be plausible for this collateral. Stabilized apartments near campus may later be an agency conversation, and that loan would be made by a DUS or Optigo lender. Capital Market Funds is not a Fannie Mae DUS lender and is not an Optigo lender. A half-empty office floor along Rio Salado does not start as an agency loan because the lake is nearby.
Send the address, a rent roll that marks vacant beds or suites as vacant, and the permanent source you hope to reach. A rendering of Town Lake is not a lease. Craig Hoebing arranges the file from Scottsdale under Capital Market Funds, LLC - CBK-2007014 - Commercial Mortgage Banker and NMLS 1445066. There is no Tempe office. Bridge capital comes from private lenders. This firm does not lend the money and does not advertise itself as a hard-money shop. The DSCR calculator will divide numbers you type. It does not know a Tempe lease-up schedule.
Tempe market context
- The Tempe campus meets Rio Salado
- Wikipedia places ASU in Tempe and describes the Tempe campus as running north to Rio Salado Parkway, between Rural Road and Mill Avenue. Campus demand is context for nearby housing. It is not a lease. Wikipedia, Arizona State University
- Town Lake between Priest and McClintock
- The City of Tempe says Town Lake runs from west of McClintock Drive to east of Priest Drive, between Rio Salado Parkway and Curry Road, and that a 2018 master plan covers the Rio Salado edge. Repositioning there is still this building's rent roll. City of Tempe, Tempe Town Lake
What a bridge file is, and what it is not
Layer 1
The business plan
Lease-up, a renovation, or a closing date. The plan has an end. Bridge is not a permanent loan with a shorter term written on it.
Layer 2
The takeout
Name the permanent source that is supposed to follow: agency, HUD, life company, bank, or CMBS. If none of those can ever fit, we say so.
Layer 3
Whose capital
Bridge and private credit are sourced from private investors. Capital Market Funds does not describe that as lending its own paper. It is not consumer hard money, and it is not a construction shop.
What a Tempe bridge package should contain
Campus or lake address
Say which one. A Polytechnic address in Mesa is the other city's bridge page.
Rent roll with vacancies marked
Student turnover and dark office suites stay visible. Do not blend them into a stabilized number.
Exit loan
Name the permanent holder you expect. An agency exit means a DUS or Optigo lender, not this office.