Tempe apartments split in a way Mesa does not. Product next to Arizona State University and Mill Avenue is a different lease-up and a different tenant than garden communities south of the river and along the I-10. Capital Market Funds does not run a student-housing product line. If the rent roll is apartments, it is underwritten as apartments: Fannie Mae, Freddie Mac, HUD, life company, or bridge.
The only tombstone that names Tempe is a single-tenant dental and medical office, cash-out refinance, $745,000, 2022, prior firm. That dollar stays on the Tempe city page and the medical-office page. It is not a Tempe apartment loan. Harvard Court is Phoenix. The $28,000,000 value-add is Tucson. Tempe is the city hub.
University-adjacent is still a rent roll
Sponsors sometimes describe a Tempe file as student housing because the campus is nearby. We arrange financing for it only as the commercial mortgage the units actually are. A conventional community with twelve-month leases is not the same credit as a by-the-bed lease-up. This page does not name a campus client list.
Stabilized Tempe apartments can be agency or HUD 223(f) or life company. We are not a Fannie Mae DUS lender and we do not claim MAP or LEAN approval. A renovation that permanent credit will not take today is bridge, or HUD 221(d)(4) with an approved lender when that program fits.
The dental card is the wrong proof
Borrowing $745,000 to answer a Tempe apartment question would mix an office cash-out with a residential rent roll. We do not do that. The dental file is useful only as proof that a Tempe address can be on a tombstone. The asset type still has to match.
South Tempe along Warner and Guadalupe is a different submarket from the Town Lake edge. Send the street address. Craig will not quote Tempe as if those locations were one property.
Tempe multifamily: What an apartment file is underwritten against
- Arizona State University, Tempe campus
- Arizona State University’s main campus is in Tempe. Student-oriented housing is not a separate product line on this desk. A Tempe apartment is underwritten to its rent roll, not to the university’s enrollment. Source: Arizona State University.
- Occupancy versus the program
- Stabilized apartments can be Fannie Mae, Freddie Mac, HUD 223(f), or a life company. A lease-up that will not clear a permanent box is bridge, with the takeout named. HUD 221(d)(4) is a HUD program originated with a HUD-approved lender, not a construction counter we staff.
- We are not the GSE
- Capital Market Funds arranges the file and places it with the lender that executes the program. An Optigo Seller/Servicer makes a Freddie Mac loan. We are not a Fannie Mae DUS lender and we are not an Optigo Seller/Servicer.
Capital for Tempe apartments
| Source | When it fits |
|---|---|
| Fannie Mae | Stabilized Tempe apartments. Not a DUS lender. The dental card is not Fannie Mae. |
| Freddie Mac | Optigo conventional or value-add when that box fits the Tempe rent roll. |
| HUD / FHA | 223(f) or 221(d)(4) with a HUD-approved lender. |
| Life company | A Tempe community an insurance company will hold without an agency execution. |