Public descriptions of Interstate 8 run the highway from San Diego across the desert to Casa Grande, Arizona, where it meets the Phoenix metro's south side. Sponsors in San Diego who are tired of a California basis often look up that road into Pinal County and then into Maricopa, or they keep going to Tucson on other highways. The pattern is a drive market, not a claim that we cover San Diego. We never say we have a San Diego desk. The properties we arrange debt against are in Arizona. Phoenix as a city is Phoenix. Tucson as a city is Tucson.
Search interest around San Diego 1031 notes often lands on California's informational return for like-kind exchanges. The Franchise Tax Board publishes Form 3840 for that purpose. Naming the form is not a filing instruction. Whether a San Diego seller who buys in Arizona must file it, and what the clawback math is, is a CPA's work. A qualified intermediary handles the exchange clock. Our piece is the mortgage on the replacement, timed to the date they give us, through Arizona 1031 and Arizona commercial mortgage.
Holders buying in their own name can start at owners. A partnership or fund starts at sponsors. Tell us the Arizona city. Casa Grande, Maricopa County, and Tucson are not one rent roll, and we will not write one term sheet for all three.
Pinal, Maricopa, and Pima are separate files
A Casa Grande industrial building, a Phoenix apartment, and a Tucson retail pad do not share a lender just because the buyer flew out of San Diego. Send one address. If you are identifying three properties, say which one is most likely so we underwrite that one.
Permanent debt follows the asset: agency only for apartments an approved lender will take, life company or bank or CMBS for commercial cash flow, bridge if the date is the constraint. We are not a Fannie Mae DUS lender.
What we will not put in the exchange memo
We will not draft a footnote about Form 3840, estimate California tax, or tell you the exchange is safe. Put the CPA's conclusion in your file if your lender asks for it. We ask for the intermediary's deadline and the purchase contract.
No tombstone names a San Diego buyer.
Arizona sources a San Diego buyer still has to choose
| Source | When it fits |
|---|---|
| Arizona 1031 | Loan timing only. Form 3840 and exchange qualification stay with the CPA and QI. |
| Arizona mortgage | The acquisition loan on whatever Arizona address you actually buy. |
| Phoenix | Maricopa collateral when the replacement is in the City of Phoenix. |
| Tucson | Pima collateral when the replacement is in Tucson. |