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Check out some of our recent closings…

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6628 S 22nd St., Phoenix, AZ 85042

Property Type: Commercial, Multifamily
Total Size: The property has a 1,688-SF common space with a kitchen, dining room, laundry room, living room, and two bathrooms. Additionally, the property contains a 690-SF, 2-bedroom/1-bathroom, manager’s suite. The rest of the buildings on the property are five 690-SF, 3- bedroom/1-bathroom typical units. The total square footage of these 5 units is 3,450-SF. In total the property consists of 5,829-SF of gross building area. The parcel totals ~19,241-SF.
Location: The subject property is fully fenced with several nice sized courtyards. The property was historically used as an assisted living facility and also a behavioral health home
Development Plan: The refinance of a +/- 5,824 – SF parcel with 7 multifamily units that is is currently zoned R-4, which complies with the assisted living facility use & the future lease with New Life Wellness. The borrower purchased the building in 2021 and since the purchase, they have put several dollars in to improve the interior components and exterior of the property.

21626 North 23rd Avenue, Unit #305A, Phoenix, AZ 85027

Property Type:  Multifamily, Purchase & Light Renovation
Total Size: 600 square foot one-story, 1-bed/1-bath condo
Location: The subject property is located on the southwest corner of Deer Valley Rd. and 23rd Avenue in Phoenix, Arizona.
Development Plan: The unit is located within the Hacienda Royale Condominium which consist of 36-units (18 each per building). The buildings contains fourteen (14) 1-bed/1-bath units and twenty-two (22) 2-bed/1-baths. The plan is to perform light exterior renovations and reform the HOA. Current State: Previously, this 1-bed/1-bath unit was being leased on a month-to-month basis for $1,250 ($2.08-sf). The tenant was just provided a 30-day notice to vacate. The borrower owns 5 other units within the condominium complex, all off which are leased through 2023.

6131 W. Craig Rd., Las Vegas, NV 89130

Property Type: Commercial, Retail
Total Size: 21,780-SF parcel + future development of a +/-1,700-SF commercial building
Location: The subject property is positioned at the southeast corner of Craig Rd & Rancho Dr., just east of N Rancho Dr. between Jones & Craig, a North Las Vegas Submarket.
Development Plan: The purchase of 21,780-SF parcel and future development of a +/-1,700-SF commercial building that will be a 3-bay quick service auto lube building for Take 5 Corporation.

880 E. Lone Cactus Dr., Phoenix, AZ 85024

Property Type: Commercial, Industrial/Retail
Total Size:  +/- 12,439 SF industrial building on 0.92 acres
Location: The subject property is located just southeast of the Deer Valley Dr. & 7th Street intersection in Phoenix Arizona.
Development Plan: The subject property was purchased from Dilandri Distribution, LLC, a distributor of Boar’s Head meat and other food products to local food markets throughout the city. Post-acquisition highlights below:

• The Borrower, Angie’s Lobster, LLC, now owns the property and will be sharing the property with the tenant, Reinecke Premium Provisions.
• The building is pre-leased to Reinecke Premium Provisions, who will occupy 2,000-SF on a 3-year lease.
• Angie’s Lobster, LLC will continue to use for the remaining space as a lobster distribution facility for Angie’s Lobster, a fast-food restaurant.

13310 S. Ridge Dr., Charlotte, NC 28273

Property Type: Commercial
Total Size: ~11,974 SF, single-story building on a 1.78 acre land parcel
Location: 14 miles SW of uptown Charlotte in the community of Steele Creek just 10 miles south of Charlotte International Airport. The Steele Creek community provides a wide range of amenities from top schools, health care at Atrium Health Steele Creek, shopping hubs with premium outlets, the scenic McDowell Nature Preserve, and Lake Wylie.
Development Plan: The purchase and renovation of a pre-leased commercial property. Post-acquisition, the developer will be providing the tenant, Action Behavior Centers (ABC), a tenant improvement allowance towards the build out the space for their intended use. The building is pre-leased to ABC, who will occupy 11,974-SF on an 11-year NN lease. Action Behavior Centers, LLC is an Austin-based Applied Behavior Analysis (ABA) therapy provider.

1007 San Fernando, San Fernando, CA 91340

Property Type: Commercial, Retail
Total Size: +/- 16,350 sf building on 0.15 acres; three story flex property with a main-floor, mezzanine, and basement of approximately 6,750-sf of finished showroom/storage basement, 6,750-sf of main showroom area, and 2,850-sf of showroom mezzanine. The building is attached via shared walls with additional retail buildings on both sides and has separate parcel numbers, with adequate parking located on the rear of property.
Location: Constructed in 1938, the San Fernando property was formerly a JCPenny’s and McMahan’s furniture store. It sits amongst the San Fernando Mall Fashion, which has a total of 12 buildings with a mixture of retail tenants including restaurants, taverns, clothing stores, salons, and home furnishings.
Development Plan: The property is 100% occupied by the tenant Jenin Linen, a local furniture and home retailer. Jenin Home Fashions was established in 2003. Ownership, led by Khaled Shalabi is seeking to pay-off the current lender and hold back funds for future property renovations. Per the scope of work provided by ownership, construction will occur in the mezzanine area, main floor, and basement area. Cost of renovation is budgeted at $198,021. There will be a $200,000 held back by lender to cover the costs of renovation. The scope of renovations will take approximately 90 days and is assumed to commence in approximately 30 days.

401 North Main Street, Belen, New Mexico, 87002

Property Type: Commercial, Retail
Total Size: 24,637-SF of land and proposed build-to-suite development of a 2,200-SF Retail/Commercial building for tenant, Starbucks
Location: One-story wood-constructed Retail / Commercial (Fast Food Restaurant) property on the northwest corner of Main Street and Chavez Avenue, just north of State Route 309 (Reinken Avenue), in the Los Lunas Corridor Submarket.
Development Plan: The loan proceeds will go toward the purchase of the land for a build-to-suite Starbucks. The improvements are proposed to be constructed in 2023, will be in excellent condition, and will have a remaining economic life of ~40 years.

7801 AZ-69 Prescott Valley, AZ 86314

Property Type: Commercial, Hospitality/Hotel
Total Size: Existing 28,825-sf, 57-room hotel building on a 1.89-ac lot
Location: Located south of State Route 69 in Yavapai County, AZ
Development Plan: The purchase and renovation of an existing 28,825-sqft 57 room hotel.

• The developer will be adding 3 rooms to bring the total to 60 rooms post renovation.
• The developer will be completing renovation in sections to allow the building to cash flow during the time of these renovations.
• All renovations are expected to be completed within 12 months of funding.
• The subject property is currently operating under the Super 8 brand and will be converted into a Sleep Inn by Choice Hotel or a Best Western Signature hotel.

4847 East Clarendon Avenue, Phoenix, AZ 85018

Property Type: Residential, Renovation
Total Size: Originally built in 1956, this one-story, 3-bedroom 3-bath home measures 1,810-sf on a 7,484-sf lot; to be 2,400-sf upon completion
Location: The property is approximately 1.4 miles northeast of the intersection of E. Thomas Rd. and N. 44th St. in Phoenix, AZ. It is roughly a five-minute drive to Old Town Scottsdale and fifteen minutes to Sky Harbor.
Development Plan: This loan will help fund the purchase and renovation of the currently 1,810-sf home to expand the master bedroom, and add an additional bathroom and bedroom…bringing the square footage to approximately 2,400-sf. Realistically, the developer will list this property for $1.1 million.

4000 S 15th Ave, Tucson, AZ 85714 & 231 Palmdale St, Tucson, AZ 85714

Property Type: Residential, Renovation
Total Size: Two, 2-unit properties

• Prop #1: 950-sf 2 Bed/1 Bath home + 1,700-sf 3 Bed/2 Bath home = +/- 2,650-sf of livable space
• Prop #2: duplex is a 904-sf 2b/1ba home + back house is a 498-sf 1b/1ba home = +/- 1,362-sf of livable space

Location: The subject properties are located just off West Ajo Way and South 12th Avenue, Tucson, AZ.
Development Plan: This loan was for the purchase and renovation of two (2) existing two-unit properties; Colonial will be funding 90% of the renovation budgets for these two endeavors.

902-930 E Broadway Blvd, Tucson, AZ

Property Type: Land
Property Subtype: Multifamily
Total Size: ~3.74 acres (163,081 sf)
Location: 0.50 Miles South of the University of Arizona; NE corner of Broadway Blvd and Park Ave
Development Plan: purchase, refinance, site preparation, and final assemblage of 14 parcels totaling +/- 3.74 acres (163,081 sf); Borrower currently owns 7 of the 14 parcels and is purchasing the remaining seven from the City of Tucson. The 14 parcels will be assembled and prepped for the sale to a future multi -family developer.

4039 E Earll Dr, Phoenix, AZ 85018, April 2022

Property Type: Residential
Proposed Use: Single-family home
Total Lot Size: 9,875 sqft lot
Location: 35th Avenue and Grand Avenues, Very heavily travelled intersection;13.4 mi for Sky Harbor; 1.5 Miles from I-10 and 2.0 Miles from I-17

Development Plan: The borrower will be adding approximately 1,640 additional square footage to this residence brining the total square footage to 3,000 and completely renovating the site (new plumbing, cosmetic lifts, framing, baseboards, etc.); estimated completion August 2022.

3522 Grand Avenue, Phoenix AZ, April 2022

Property Type: Land (C-3) + 3,600 sq. ft building with income (renovated 2019)
Property Subtype: Commercial
Proposed Use: Retail
Total Lot Size: 1.57 AC (68,389 sq. ft)
Location: 35th Avenue and Grand Avenues, Very heavily travelled intersection;13.4 mi for Sky Harbor; 1.5 Miles from I-10 and 2.0 Miles from I-17

305 S. Hobson, Mesa, AZ, May 2022

Property Type: Existing multifamily building
Property Subtype: Commercial, 6-Plex
Total Size: ~2,400-sqft building (0.21-acre / 9,148-sqft lot)
Location: Originally constructed in 1950, these units lie in the heart of suburban Mesa, with major access to major freeways and light rail system; Phoenix/Mesa airport sits 20 miles southeast, along with many golf courses, country clubs, parks, museums and new restaurants.
Development Plan: The borrower tends to renovate (electrical, HVAC, washer dryer, etc.) the existing six, single story, one-bedroom / one-bath units (~400 square feet).

2636-2656 E. Ginter Road & 2681-2701 E. Wieding Road Tucson AZ 85705, May 2022

Property Type: Industrial
Property Subtype: Tenants TBD
Total Size: four (4) 10,000sf industrial buildings (lot 1.07 acres)
Location: The subject property is .75 miles from the Tucson International Airport, 3 miles from Desert Diamond Casino, and 15 miles from Saguaro National Park.
Development Plan: The lot was purchased March 2021; the borrowers have since improved the parcels and begun construction on the two southern pads; the borrower intends to build four 10,000 sqft industrial buildings; Approximately 630 sf of Office Space with two restrooms for each 5,000 sf suite. Buildings are 24’ eve height and each suite has two 14’ w X 16’ h rollup doors; the pads will be leased upon competition of construction

10177 E. Joy Ranch Road, Scottsdale, Arizona 85262, June 2022

Property Type: Residential
Property Subtype: Single Family Home
Total Size: 4,726-sf home (1.01 acre lot)
Location: The subject property is .Desert Mountain Private Community & Golf Club, a gated community located in North Scottsdale; it is just at the edge of Tonto National Forrest and 35 miles from Lake Pleasant.
Development Plan: The refinance and continued construction of a residential home; currently fully framed with rough plumbing and rough electric installed; loan proceeds will go toward construction of garage doors, fixtures, windows, etc.; estimated delivery date December 2022

7801 AZ-69, Prescott Valley, AZ, June 2022

Property Type: Existing building Super 8 Prescott Valley
Property Subtype: Commercial, Hospitality
Total Size: 28,825-sqft hotel building (1.89-acre lot)
Location: south of E. State Route 69; 3.5 mi from Stone Ridge Golf Course in Prescott; surrounded by several retail strip malls featuring a Big-O-Tires, Safeway, CVS, and several restaurants.
Development Plan: the Developer will be adding 3 rooms to bring the total to 60 rooms post renovation and change operation to Sleep Inn by Choice Hotel or a Best Western Signature hotel.

20 South Main Street, Florence, AZ, June 2022

Property Type: Land + existing building
Property Subtype: Retail
Total Size: 2,502-sqft building (0.36-acre lot)
Location: Heart of Florence on Main street; surrounded by Florence high school, the Arizona state prison complex + correctional center, Pima county state hall; the population within a 5-mile radius of the subject property is 22,500 people with an average household income of $59,163 who own and/or operate ~280 businesses.
Development Plan: Previously owned / operated as a Circle K, the borrowers plan to improve the existing building for new tenant: Empower Physical Therapy.

3445 N 36th Street Phoenix, AZ, July 2022

Property Type: Multifamily
Total Size: 2 bed/1 bath; 780-square feet
Location: The subject property is at the corner of Osborne Rd. & 36th Street; it’s an easy commute to Downtown Phoenix, Old Town Scottsdale, Sky Harbor Airport, shopping, and dining.
Development Plan: This 55-unit multifamiliy complex is in the coveted Arcadia Lite area of Phoenix; not only is there a community pool + grill, but the new apartment will feature stainless steel appliances, a stacked washer & dryer, crown molding, & tile floors throughout!

5051 N. 83rd Ave. Glendale, AZ

Property Type: Retail
Property Subtype: Automotive
Total Size: 1.13-acre lot for construction of a 6,912-sf building
Location: The subject property is at the corner of Camelback Rd. & 83rd Ave; the surrounding area includes a mix of general commercial including fast casual dining, a brand-new EOS Fitness center, gas stations, and a Dignity Health Urgent Care/Emergency Room; the area immediately surrounding the hard corner consists of single family residential.
Development Plan: This vacant land will be home to a 6,912-sf building for an Advanced Auto Parts (10 year lease); building completion ~May 26, 2023.

2407 W. Glendale Ave Glendale, AZ 85307

Property Type: Industrial
Property Subtype: Outdoor storage facility
Total Size: 5-acre lot
Location: The subject property is located on a county island and is currently vacant land, containing only a billboard being leased to Lamar Central Outdoor, LLC. The plot is located east of Luke Airforce base and alongside the Agua Fria River in Glendale.
Development Plan: This was a refinance for this property originally purchased in 2020; the loan will go towards the retirement of the first loan, and the remaining balance would go towards remaining construction costs (estimated ~$730,000) towards the improvements to the property.

E of the NEC of 15th Ave & Alameda Phoenix, AZ 85085

Property Type: Land
Property Subtype: TBD (Flex Industrial, Retail, or Multi-Family)
Total Size: +/- 2.56 -acre lot
Location: This parcel of vacant land is directly across the street from a new Taiwan Semi-Conductor supplier site…which is making Deer Valley one of the hottest sub-markets in Arizona.
Development Plan: After a re-zoning and annexation, the borrower plans to bring in either a Flex Industrial, Retail, or Multi-Family Developer, respectively to purchase the site.

3224 W Lincoln St. Phoenix, Arizona 85009

Property Type: Industrial
Property Subtype: Recycling Plant
Total Size: 2-acre lot
Location: The subject property is at the corner of Lincoln St. and 33rd Ave located in southwest Phoenix. It’s surrounded by other auto-adjacent shops like Interstate Truck Sales and used auto part stores. This facility buys scrap metal, engine cores, transmissions, radiators, engine accessories, harness wires, and other non ferrous scrap metal.
Development Plan: This was a bridge loan to supplement the borrower’s moves to supplement their existing 10,500-sf of canopy space, office spaces, and a 25,000-sf reinforced concrete pad.