The Shoppes at Riggs Ranch
5070 S Gilbert Rd, Suite 100–400, Chandler AZ 85249
Multi-tenant Retail (Strip)
·
MVP Funding Investments, LLC
·
$4,400,000 senior debt
·
5-yr term · 4.50% rate · 25-yr amort
All credit thresholds met. LTV 62.2% (target ≤65%), DCR 1.34x (target ≥1.30x), debt yield 11.2% (target ≥10.0%). One field flagged for borrower-inflated 3.0% management fee — recommend re-underwriting at 4.0% market and re-running DCR to confirm headroom. Combined sponsor liquidity of $1.18M provides 18 months of debt-service coverage.
Key metrics
NOI (stab.)
$494,986
Viable
Break-even cap
5.41%
Reference
Property
| Asset type | Multi-tenant Retail |
| Year built | 2006 |
| Gross leasable area | 15,420 SF |
| Current occupancy | 96.4% |
| Anchor tenant | State Farm |
| Implied value @ 7.0% cap | $7,071,228 |
| Phase I ESA | ⚑ Pending |
| Title commitment | ⚑ Pending |
| Appraisal | ⚑ Pending |
Borrower
| Entity | MVP Funding Investments, LLC |
| Sponsor 1 — Curran net worth | $2.40M |
| Sponsor 2 — Younan net worth | $3.10M |
| Combined liquidity | $1.18M |
| Months DSCR covered | ~18 |
| Credit (Curran) | 754 |
| Credit (Younan) | 768 |
| Schedule of REO | Reviewed |
| Borrower authorization | Both signed |
Income & expenses (T-12)
| Line item |
Annual |
$ / SF |
% of EGI |
| Base rent | $487,420 | $31.61 | 80.1% |
| Reimbursements (CAM, taxes, insurance) | $112,650 | $7.30 | 18.5% |
| Other income | $8,400 | $0.54 | 1.4% |
| Effective gross income | $608,470 | $39.46 | 100.0% |
| Property taxes | ($48,210) | ($3.13) | 7.9% |
| Insurance | ($14,840) | ($0.96) | 2.4% |
| CAM | ($32,180) | ($2.09) | 5.3% |
| Management fee (3.0% — flagged) | ($18,254) | ($1.18) | 3.0% |
| Replacement reserves (manual entry) | ($0) | — | — |
| Total operating expenses | ($113,484) | ($7.36) | 18.7% |
| Net operating income (stabilized) | $494,986 | $32.10 | 81.3% |
Underwriting fields & sources
| Field |
Value |
Source |
Status |
| Net operating income |
$494,986 |
Pro Forma · Summary · Row 28 |
Verified |
| Base rent |
$487,420 |
Pro Forma · Summary · Row 12 |
Verified |
| Other income |
$8,400 |
Pro Forma · Summary · Row 14 |
Verified |
| Property taxes |
$48,210 |
Pro Forma · Summary · Row 18 |
Verified |
| CAM expense |
$28,400$32,180 |
Pro Forma · Summary · Row 22 → corrected |
Corrected |
| Management fee |
3.00% |
Pro Forma · Summary · Row 24 |
Flagged |
| Replacement reserves |
$0 |
Manual entry — not in source |
Manual |
| Occupancy |
96.4% |
Pro Forma · Summary · Row 8 |
Verified |
| Avg monthly cash balance |
$284,150 |
Bank Stmt 1 · Pg 2 · Summary line |
Verified |
| Curran net worth |
$2,400,000 |
PFS · MMCC · Pg 3 |
Verified |
| Younan net worth |
$3,100,000 |
PFS · MMCC · Pg 3 |
Verified |
| Combined liquidity |
$1,180,000 |
Derived from PFS — sum of liquid assets |
Calculated |
Items flagged for further review
⚑
Management fee · 3.0%
Reason: borrower-inflated. Market rate for retail strip in Chandler is 4.0–4.5%. Re-running DCR at 4.0% management fee yields DCR 1.27x (just below 1.30x target).
flagged 04.02.2026