Scottsdale Airpark flex is industrial with a higher office finish. The published loan is three flex buildings, $6,850,000, permanent refinance, life company, 2019, prior firm. There is no separate flex URL. Bulk Phoenix industrial is a different building and a different city.
A new Airpark or north Scottsdale industrial file is life company or bank when the leases are in place, CMBS when proceeds need to stretch, and bridge when the rollover will not clear permanent credit. Agency programs are not how we arrange financing for a warehouse or a flex building.
Scottsdale industrial: Industrial underwriting, in the order it is read
The Loop 101 runs through Scottsdale, and Shea Boulevard is the east-west road sponsors use for north Scottsdale medical and office. Mayo Clinic has an Arizona campus on Shea in Scottsdale. That is tenancy context for a medical building. It is not a claim that the clinic is a borrower. Source: Mayo Clinic Arizona.
Tenant and term
Credit tenant, multi-tenant, or owner-user changes the source. Life company and bank want a lease roll they can hold. CMBS is the stretch when proceeds or structure will not fit those boxes.
Not an agency program
Fannie Mae and Freddie Mac are multifamily. A warehouse does not become an agency loan because it is in a logistics city.
Flex is not office and not retail
Sponsors sometimes send Airpark product as office because of the finish, or as retail because of the doors. The published card is industrial. We follow the actual use and the leases. Pima Center is the retail card, and it is not flex.
The refinance of record is Scottsdale refinance and Scottsdale permanent. Both show this same loan. A cash-out is not what the purpose line says.
Phoenix industrial is a different 90,000 square feet
The Phoenix card is dual-tenant industrial, about 90,000 square feet, $5,000,000, also life company, also 2019. It does not get added to Scottsdale to make an Airpark volume claim. Deer Valley and Sky Harbor are Phoenix pages.
Send the Scottsdale address, the building count, and the rent roll. Three buildings were the published collateral. Your file might be one building. Say so.
Northeast Valley and the Salt River industrial name
Northeast Valley is a regional label for industrial and some office across Scottsdale and northeast Phoenix. It is not a city, and it is too wide to be a page. When the building is actually in Scottsdale, it belongs here. Scottsdale/Salt River is the broker name for industrial in this part of the city, toward the river. That is warehouses and flex. It is not the Talking Stick resort, which is a hotel on Community land, not an industrial bay.
Capital for Scottsdale industrial
| Source | When it fits |
|---|---|
| Life company | The Airpark refinance was life company. |
| Bank and credit union | Scottsdale industrial a portfolio lender will hold. |
| CMBS | When life company proceeds will not reach an Airpark request. |
| Scottsdale refinance | The published Airpark loan as a refinance. |