Cash-flowing Arizona industrial — multi-tenant, flex, and owner-user — is the life-company and bank conversation. When proceeds or a non-recourse structure will not clear those boxes, CMBS is next. Agency is not the industrial path. Fannie Mae and Freddie Mac are multifamily programs, and we do not dress up a warehouse as an agency loan.
Two published Arizona industrial originations are life company. Phoenix: dual-tenant industrial, about 90,000 square feet, $5,000,000, permanent cash-out, 2019. Scottsdale Airpark: three flex buildings, $6,850,000, permanent refinance, 2019. A Fresno cold-storage origination is on the transactions list and is California, so it is not an Arizona industrial closing.
Short-term leases, a vacant bay being released, or a purchase that has to close before a permanent lender finishes are bridge, sourced from private investors. We will name the takeout. We will not call it construction.
Sources for Arizona industrial
- Life company
Permanent debt for core cash flow. Rate lock is typically at application.
- Bank and credit union
Portfolio hold when the relationship, not a securitization box, is the point.
- CMBS
Conduit or single-asset when life company or bank credit will not stretch.
- Bridge and private
Transitional capital sourced from private investors, with a takeout in mind.
- Permanent
Stabilized senior debt once the asset is a cash-flowing story.