Tucson storage facilities along the I-10 and on the east side compete in a different rate market than north Scottsdale infill. Occupancy, street rates, and years open still decide the loan. Capital Market Funds originates life company, bank, CMBS, or bridge from Scottsdale. A facility that has not seasoned is bridge. We do not publish a Tucson storage occupancy figure.
Nothing on the transactions list is self-storage. The Tucson card is multifamily. The Phoenix and Scottsdale industrial cards are not facilities. Arizona self-storage says that statewide. This page refuses the extra mistake of treating the $28,000,000 life-company apartment loan as proof a Tucson facility closed. We are not a Fannie Mae DUS lender, and storage is not agency debt.
Tucson self-storage: Self-storage is not an apartment loan
Tucson’s commercial map is I-10, downtown, and the suburbs in Pima County. It is not a Maricopa city, and it is not originated from a Tucson street address. The office remains in Scottsdale. Source: City of Tucson.
Occupancy and street rates
The facility's own rent roll matters. A nearby apartment cap rate does not price it.
Life company or bridge
Stabilized storage can be a life-company or bank hold. Lease-up after a new building delivers is bridge until the occupancy is real.
Pima operating history
A conversion of a Tucson industrial bay into storage is not stabilized on the day the doors are installed. Bridge until the trailing occupancy is real. Permanent debt is life company, bank, or CMBS after that.
Climate-controlled and traditional drive-up in Tucson do not clear the same proceeds. Say which one the address is.
Not the multifamily LTC
80% LTC on the Tucson apartment card is that card. It is not a storage advance rate. Interest only during construction on that loan is not a storage construction product.
The originator is still Craig Hoebing at Suite 255 in Scottsdale. There is no Tucson storage desk with a separate address.
Capital for Tucson storage
| Source | When it fits |
|---|---|
| Life company | A seasoned Tucson facility. Not the apartment loan. |
| Bank and credit union | A Tucson storage hold on a portfolio. |
| CMBS | When the facility’s proceeds need a conduit. |
| Bridge | A Tucson conversion or a new facility still leasing up. |