Mill Avenue is a retail street: restaurants, small shops, and a few hotels that face the sidewalk, with Arizona State University a few blocks away. Foot traffic from campus explains the sales. It does not make the university a borrower, and it does not make a taco shop a lab building. Downtown apartments, including communities brokers track in the downtown Tempe submarket, are a separate collateral type when the sponsor owns the whole property.
The live Town Lake and Rio Salado page is the south shore of the lake: large office, including Marina Heights, and the newer housing on that parkway. This page does not repeat that campus. If your building fronts the lake, go there. If it fronts Mill, stay here. The city page is Tempe.
Mill Avenue is retail and a sidewalk hotel
A Mill Avenue shop is underwritten to sales, the remaining term, and how dependent the tenant is on event nights. Leases turn over. A lender will not treat a three-year restaurant lease like a twenty-year credit tenant. A hotel on the same street is hospitality: rooms, the flag if there is one, and seasonality. Do not staple the hotel operating statement to the shop rent roll unless one loan really covers both.
Those property types are written up on Arizona retail and Arizona hospitality. The market index is Markets.
Downtown apartments are not lake office
An apartment community in the downtown grid can be agency, life company, a bank, or bridge, depending on occupancy. Student-oriented units need a careful description of who signs the lease. We do not have a separate student-housing product. We are not a Fannie Mae DUS lender. We also will not call a Mill Avenue walk-up “Marina Heights” to borrow the lake page’s story.
Tempe bank quotes are on Tempe bank loans. A stabilized downtown hold is discussed with Arizona permanent loans. No Mill Avenue coupon is printed.
Capital for Mill Avenue and downtown Tempe
| Source | When it fits |
|---|---|
| Retail | Mill Avenue shops and restaurants. |
| Multifamily | A downtown apartment community, not a lake office tower. |
| Town Lake | Rio Salado office and Marina Heights. Not Mill Avenue. |
| Tempe bank | A smaller downtown building. We are not the bank. |