ASU Research Park sits in Tempe, and the flex inventory along Broadway and the I-10 houses tech and light-manufacturing users. Some of those users want to own the bay instead of leasing it. That is a 504 conversation only when the operating company will occupy the building, generally at least 51 percent of an existing property. A multi-tenant flex investment the sponsor does not occupy is not a 504 project, no matter how close it is to the park.
The only Tempe tombstone is a single-tenant dental and medical cash-out of $745,000 in 2022. The card does not say the borrower occupies it and does not say SBA. It stays a Tempe medical refinance. It is not moved here as a 504 closing. Arizona State University is not a client.
Research-park flex is not automatically owner-user
We ask who is in the suite. If it is the borrower's company, we compare a 504 structure with a conventional Tempe bank first mortgage. If it is a lease to someone else, the file leaves this page. Life company or a bank hold for investment flex is a different quote.
Industrial context is Tempe industrial. Statewide 504 rules are Arizona SBA 504. The city hub is Tempe.
Tempe dollars that stay off a 504 page
The dental refinance does not become a debenture because the loan is small. Chandler's office cards are not Tempe. We will not print a Tempe project cost.
The arranger is Craig Hoebing in Scottsdale, (480) 495-8072. The form is not an application to the SBA.
Tempe owner-user flex next to 504
| Source | When it fits |
|---|---|
| Arizona SBA 504 | Occupancy rules. Tempe does not get a waiver. |
| Tempe bank | One portfolio lien. The dental card is not labeled bank. |
| Tempe industrial | Broadway and I-10 flex. Not the dental suite. |
| Tempe medical office | The $745,000 cash-out. Not SBA. |