Churchill Commercial Capital, Inc. successfully arranged a $23.25 million portfolio loan to refinance maturing life company debt of three Phoenix-area commercial buildings. The loans included a $7.7 million first mortgage for a 65% leased Tempe Class A creative office building, a $9.375 million first mortgage for an 98% leased multi-tenant medical office property and finally, the third loan was in the amount of $6175 million permanent loan on 100% leased grocery-anchored neighborhood center located within Metro Phoenix area .
Two out of the three properties had pressing issues that needed to be addressed before securing financing; one being that the neighborhood shopping center had an anchor tenant with lease renewal terms only valid for short period while other shops in vicinity maintained strong occupancy history and second being that Class A creative office building lost its major tenant resulting into transition from large floorplate users towards smaller tenants with higher demand rate . However , due to presence of multi – tenant medical office property which was well occupied and had solid history , Churchill Commercial Capital managed to secure financing without any difficulty .
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