Surprise is residential growth with commercial property following it: grocery-anchored and shadow-anchored retail, garden apartments, and local service industrial. That is the file we expect. It is not a reason to promise aggressive leverage. Life company and bank credit will be selective. CMBS is the stretch. Agency and HUD are for the multifamily that qualifies.
A Surprise acquisition that must close before a permanent lender can finish is a bridge request, sourced from private investors, with the takeout named. We will not call that a construction loan. Construction is not a standalone offering. New multifamily that truly belongs in HUD is 221(d)(4), originated with an approved lender.
Peoria is the adjacent page. Neither city is on a tombstone. If you need to see dollars, use the Maricopa County page, where Phoenix, Scottsdale, Tempe, and Chandler amounts are the amounts on the cards.
Senior debt for Surprise
- 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.
- Fannie Mae
Stabilized Arizona multifamily. Originated to Fannie Mae. Not a DUS lender.
- 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.
- Refinance
Start with the existing note: prepay, proceeds, and timing.