SCOTTSDALE, ARIZONA (July 14, 2023) -- Churchill Commercial Capital, Inc., an established and well-respected commercial mortgage banker secured a $23.25 million portfolio loan to refinance maturing life company debt. The borrower was an experienced local commercial real estate investment firm who has worked with Churchill to source financing on their properties for over a decade. Churchill had previously arranged and serviced the loans that were maturing.
The loans consisted of a $7.7M first mortgage refinance for a 65% leased Tempe class A creative office building, a $9.375M first mortgage for 98% leased multi-tenant medical office property, and a $6.175M permanent loan on a 100% leased grocery-anchored neighborhood center. The properties are located in Metro Phoenix.
This financing proved to be challenging due to leasing risk in the retail and office properties. The neighborhood shopping center had a grocer on a lease that had been renewed for a very short term, with adjacent shops that have very strong occupancy history. The Class A creative office building had lost a large tenant and was transitioning from larger floorplate users to smaller office tenants, where tenant demand is stronger. The multi-tenant medical office property anchored the portfolio with strong occupancy and history.
The owner chose Churchill to source this financing due to its expertise in finding the best lenders in the market that meet the needs and desires of the borrower. After surveying the lending market thoroughly, a regional bank offered the best terms and funded the loan. The loan was closed before the maturity date of the existing debt.
Churchill Commercial Capital is an Arizona based commercial mortgage banker actively arranging loans and joint venture equity for commercial and multifamily properties. Established in 1994, Churchill’s lending relationships include major life insurance companies, multifamily agency lenders, specialty finance companies who make bridge loans, investment banks originating loans destined for securitization, and select banks making portfolio loans. Churchill is well known for being a skilled mortgage banker who excels at underwriting, presenting and closing financing for all types of commercial property. Churchill locally services loans on behalf of its correspondent lenders.