A Phoenix storage facility is underwritten to unit mix, street rates, occupancy, and how long it has been open. Infill facilities and newer buildings on the edge of the city do not have the same operating history. Capital Market Funds originates the loan from Scottsdale. We do not publish a Phoenix storage cap rate or a facility count.
Life company, bank, and CMBS are the permanent paths once trailing occupancy supports them. Lease-up and conversion are bridge. Fannie Mae and Freddie Mac are multifamily programs. Calling a Phoenix storage facility an agency loan would be false. We are not a DUS lender on the apartments we do originate, and that label does not move over.
What we will not relabel as storage
The Phoenix dual-tenant industrial loan and the Scottsdale Airpark flex loan are industrial. They are not self-storage, even if a sponsor thinks of flex and storage as similar boxes. Those dollars stay on the industrial pages.
Statewide storage context is Arizona self-storage. This page is only facilities in the City of Phoenix. Mesa, Glendale, and Tucson facilities are separate addresses.
Expansion and certificate of occupancy
Adding buildings or converting a Phoenix warehouse to storage is a business plan. Permanent credit usually wants the new units in the trailing numbers. Until then, bridge is the honest structure, with a takeout named. Construction is not a standalone product.
Send a rent roll by unit size, trailing occupancy, and whether the facility is climate-controlled. Those facts matter more than the freeway it sits near.
Capital for Phoenix self-storage
| Source | When it fits |
|---|---|
| Arizona self-storage | Statewide storage. No facility tombstone there either. |
| Life company | A stabilized Phoenix facility with operating history. |
| Bank and credit union | A smaller Phoenix storage loan a portfolio lender will hold. |
| Bridge | Lease-up or conversion in Phoenix before permanent debt. |