Fident Capital secured $5.72MM of acquisition financing for a 40,164 SF single-tenant industrial warehouse in the South Airport submarket of Phoenix, AZ. The borrower, a vertically integrated Phoenix industrial operator and repeat Fident client, has acquired over $90MM and 200,000 SF of small-bay product across the metro since 2013. A bank provided a 5-year fixed-rate loan at 63% LTV with interest-only payments and a waived deposit, financing the purchase of a recently renovated, vacant building acquired at $203/SF, roughly half the submarket’s sales comp average.
The assignment’s primary challenge was speed. A purchase contract deadline required Fident to move from signed engagement to close in 56 days; packaging, marketing, term sheet negotiation, underwriting, and closing compressed into eight weeks. Fident packaged the deal within 24 hours of engagement, leveraging institutional knowledge from four prior industrial transactions with the same borrower and drawing on existing market intelligence, comp data, and sponsorship materials that had been refined across those engagements.
A second challenge was financing a vacant asset. The building had no tenant, no signed lease, and no letter of intent at close. Many lenders passed immediately once the vacancy was clear, narrowing the field to capital sources comfortable underwriting to pro forma revenue on an unleased industrial property. Fident’s marketing materials presented the borrower’s track record of executing an identical acquire-and-lease strategy at a Fident-financed 40,000 SF Tempe warehouse in 2024, along with submarket leasing velocity (28 transactions and over 451,000 SF absorbed in the trailing twelve months at asking rents supporting the borrower’s $1.25/SF target) to give lenders confidence in the lease-up timeline.
Compounding the speed constraint, the borrower had already received a term sheet from an incumbent lender at $5.3MM. Fident was told to match or exceed those terms to win the assignment. By going to market with a targeted list of Arizona banks and credit unions (several of whom already had exposure to the borrower from prior Fident assignments), we produced a loan $420K above the incumbent’s offer at a comparable rate.
The transaction points to compounding value of repeat client engagements, established lender relationships, refined packaging workflows, and deep familiarity with the borrower’s strategy enabled Fident to close a bank acquisition loan on a vacant industrial property in under 60 days.
