Churchill Commercial Capital, Inc. secured a $23.25 million portfolio loan to refinance maturing life company debt of three Phoenix-area commercial buildings. 

The loans consisted of a $7.7 million first mortgage refinance for a 65% leased Tempe Class A creative office building, a $9.375 million first mortgage for a 98% leased multi-tenant medical office property, and a $6.175 million permanent loan on a 100% leased grocery-anchored neighborhood center.  The properties are located in Metro Phoenix.

Two of the three loan candidates had pressing issues. The neighborhood shopping center had a grocer on a lease that had been renewed for a very short term, with adjacent shops that have a very strong occupancy history.  The Class A creative office building had lost a large tenant and was transitioning from more significant floorplate users to smaller tenants with more robust tenant demand.  The multi-tenant medical office property anchored the portfolio with solid occupancy and history.