Markets
We originate across income-producing commercial real estate in Arizona and the West. These notes describe how the capital typically attaches — not a claim that every box is open on every file, and not a set of invented case studies.
Stabilized apartments are typically an agency, HUD, or life-company file. Value-add and lease-up belong in bridge until the takeout is real. We originate Fannie Mae, Freddie Mac Optigo, HUD 223(f) and 221(d)(4), life company, CMBS, bank, and private bridge — matched to the business plan, not to a product poster.
Cash-flowing industrial is often a life-company or bank hold. When proceeds need to stretch, CMBS is in the conversation. Transitional product, short-term leases, or a tight close may need private bridge before a permanent takeout.
Retail credit is specific to tenancy, rollover, and the credit of the rent roll. Life companies and banks remain active on the right centers; CMBS is the stretch; bridge is for repositioning, not for denying the leasing story.
Office is underwritten to occupancy, rollover, and the actual tenant roster — not to a 2019 playbook. Bank and life-company credit is selective. CMBS can still work on the right file. Bridge is for a defined plan, not for hope.
Self-storage is a local operating story as much as a real estate story. Stabilized facilities can clear life company, bank, or CMBS. Lease-up and conversion remain a bridge conversation until trailing occupancy supports permanent debt.
Hospitality is underwritten to brand, occupancy, and in-place cash flow. Permanent paths are typically bank or CMBS; HUD is not the default. Transitional or flag-conversion stories are originated as bridge with a takeout in mind.
Send the asset, the purpose, and the timing. Craig will tell you which capital source the file actually belongs in.
