Glendale, Arizona is the West Valley city, not the California one. Apartments here split between older product along Grand Avenue and downtown, and newer communities toward Arrowhead and the north side of the city. Those rent rolls are not interchangeable. Capital Market Funds originates Fannie Mae, Freddie Mac, HUD, life company, or bridge from Scottsdale. Sports and entertainment around Westgate are not a multifamily program, and we do not claim those venues as clients.
Harvard Court, $1,350,000, cash-out, 2022, names Phoenix. It is the nearest published apartment card and it is the wrong city. The Tucson $28,000,000 life-company loan is Pima County. Glendale is the city page. Arizona multifamily is statewide. Peoria and Tolleson have their own pages when the address is there.
Glendale multifamily: What an apartment file is underwritten against
- Westgate and downtown are different stock
- State Farm Stadium and the Westgate entertainment district are in Glendale. Historic downtown Glendale is a different, smaller commercial pattern. Neither district is a financing product, and neither is a published closing. The rent roll still has to fit a source. Source: City of Glendale.
- Occupancy versus the program
- Stabilized apartments can be Fannie Mae, Freddie Mac, HUD 223(f), or a life company. A lease-up that will not clear a permanent box is bridge, with the takeout named. HUD 221(d)(4) is a HUD program originated with a HUD-approved lender, not a construction counter we staff.
- We are not the GSE
- Capital Market Funds arranges the file and places it with the lender that executes the program. An Optigo Seller/Servicer makes a Freddie Mac loan. We are not a Fannie Mae DUS lender and we are not an Optigo Seller/Servicer.
Arrowhead is not downtown Glendale
North Glendale garden product near the Arrowhead trade area is often a stabilized or recently leased community. Downtown and Grand Avenue stock is more often a renovation story. We will not quote them as one asset because both say Glendale.
A stabilized community can be agency or HUD 223(f) or life company. We are not a Fannie Mae DUS lender and we do not claim MAP or LEAN approval. A value-add that is still in the renovation is bridge, with the takeout named, or 221(d)(4) with a HUD-approved lender when that program is the real fit.
Westgate is not the collateral
Event traffic and a stadium district do not underwrite an apartment loan. If the collateral is apartments, send the unit mix. If the collateral is retail pads serving that district, that is Glendale retail, and we still have no Glendale retail card to show.
Phoenix city limits run to Glendale’s east side. A property on the Phoenix side of 43rd Avenue or Northern is not this page. The address decides.
Capital for Glendale apartments
| Source | When it fits |
|---|---|
| Fannie Mae | Stabilized Glendale, Arizona apartments. Not a DUS lender. Harvard Court is Phoenix. |
| Freddie Mac | Optigo when a Glendale value-add still belongs in that box. |
| Bridge | A Glendale renovation before permanent credit will read it. |