By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $3 million strip center refinance in Phoenix typically fits a small unanchored or weakly-anchored multi-tenant retail property of 10,000 to 25,000 square feet. Most $3M Phoenix strip center refis fund through bank balance sheet or specialty retail lenders given the unanchored retail lender contraction since 2020.
Get a Quote on Your $3M Deal →$3M Phoenix strip center refinances typically fund as bank balance sheet or specialty retail debt at 60 to 70 percent LTV.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Typical $3M Phoenix strip center refinance sponsors are private capital retail investors with 2 to 8 properties. Sponsor active leasing capability matters substantially given small tenant turnover.
On a $3.4M strip center refinance in suburban Phoenix (16,000 sq ft, 12 tenants), the sponsor refinanced an expiring bank loan into a specialty retail bank at 8.45 percent fixed 5-year, 65 percent LTV ($2.2M), with active lease-up plan for two vacant suites.
Anonymized. All deal references protect borrower and lender identity.
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