Churchill arranged bridge financing secured by an 11 property Class B/C industrial portfolio located in the heart of Central Phoenix. Our borrower was offered a discounted payoff on their maturing note. However, a major tenant had just vacated its space, leaving the portfolio 75% leased. We secured a non-recourse loan, with the right to release individual buildings from the collateral, ahead of the DPO deadline to pay off the note.
Churchill Commercial Capital, Inc. (Tom Ryan, vice president) has arranged a $6.4 million loan for Cimarron Industrial Partners, LLC, on a 94,800 square foot multi-tenant industrial property consisting of five buildings within the Scottsdale Airpark. The property was 98% leased at the time of closing.This unique transaction was placed with one of our many correspondent Life Companies and will be serviced locally by Churchill. This loan execution was refinance to a ten year, non-recourse, fixed rate loan. We were able to maximize leverage with an aggressive interest rate in addition to meeting the borrower’s objective of having a significantly reduced prepayment option for a future event in the later years of the loan.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 locally services loans on behalf of its correspondent lenders.