Permanent Tucson debt is the long-term hold on a property that can support it: life company, bank, or CMBS for commercial assets, and Fannie Mae, Freddie Mac, HUD, or life company for apartments that fit. The office that originates it is in Scottsdale, not Tucson. Pima County is not Maricopa County.
The published Tucson loan is a 2026 Capital Market Funds closing: value-add multifamily, $28,000,000, life company, 80% LTC, interest only during construction. The card does not call that loan a stabilized permanent mortgage, a bridge, or a Fannie Mae loan. It is discussed on the Tucson and Tucson multifamily pages. It is not displayed here as if it were a permanent takeout of a leased community.
What permanent means on a Tucson file
If the Tucson asset is leased and the sponsor wants a term hold, this is the page. We do not state a coupon. We also do not take the 80% LTC figure from the value-add card and offer it as permanent leverage. That figure belongs to the loan that closed, on the terms that card states.
A takeout after that value-add period, once construction interest-only is over and the property is stabilized, would be a new permanent origination. It has not been published, and we will not pretend the 2026 closing already is that takeout.
Commercial Tucson property that is not the apartment card
Tucson industrial, retail, and office permanent loans have no tombstone on this site. They are still originated when the rent roll fits life company, bank, or CMBS. Agency is the wrong label for those property types.
We are not a Fannie Mae DUS lender. HUD files are paired with a HUD-approved lender. We do not claim MAP or LEAN approval. Call (480) 495-8072. The form is not an application.
Tucson market context
- University of Arizona
- The University of Arizona’s main campus is in Tucson. A Tucson apartment near the university is still underwritten to occupancy and the program. The published Tucson multifamily loan is a life-company value-add card, not a campus project and not a Fannie Mae loan. University of Arizona
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 We do not publish a rate.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 Tucson permanent debt
| Source | When it fits |
|---|---|
| Life company | The Tucson card is life company, and it is value-add. A stabilized Tucson permanent loan can also be life company. They are not the same structure. |
| Fannie Mae | Stabilized Tucson apartments. Not the $28,000,000 card. Not a DUS lender. |
| Bank and credit union | A Tucson permanent hold on commercial property a portfolio lender will keep. |
| Arizona permanent | Statewide permanent debt. This page is Pima County. |