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.