Office credit is selective. Capital Market Funds will not quote a coupon as if occupancy does not matter. Bank and life-company holds are for buildings that can explain their rent roll. CMBS can still work on the right file. Bridge is for a defined plan — a lease-up or a capital event — not for hope.
Published Arizona office originations: Chandler Price Road Corridor, Class A, about 83,178 square feet, $14,000,000 bridge, 2019. Chandler owner-user office with a coworking tenant, $15,600,000, 2022. Tempe single-tenant dental and medical, $745,000 cash-out refinance, 2022. A Columbus, Ohio life-company office and a Midwest bank office acquisition are on the transactions list and are not Arizona.
Medical and dental office is still office. The Tempe card is the small-balance proof. It does not set a minimum or a maximum for the next file.
Sources for Arizona office
- Bank and credit union
Portfolio hold when the relationship, not a securitization box, is the point.
- Life company
Permanent debt for core cash flow. Rate lock is typically at application.
- 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.