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Church Secures $5M Bond for Building Purchase

PHOENIX-A 54,000-sf church finds a new owner in Church of the Nations, which obtains a bond from GoldStar Trust Co. to pay $5.4 million for the structure after being turned down repeatedly for conventional financing.

By Jennifer D. Duell | Updated on December 06, 2004

PHOENIX-Church of the Nations has finally purchased the 54,000-sf church that it’s been occupying since June 2003. The entity obtained a church bond from Phoenix-based GoldStar Trust Co., a part of Happy State Bank, for $5.4 million.

“Church of the Nations had trouble with conventional financing,” says Shane Shields, an agent with Coldwell Banker Commercial Metro who represented the seller, Northwest Church of Christ. “They tried for eight months before they decided to obtain a bond.” The bond financing process took more than 10 months, he says. Vince Carter of Phoenix-based CCRE Inc. represented Church of the Nations.

Shields tells GlobeSt.com that Church of the Nations put a contract on the structure, situated on 10 acres at 11640 N. 19th Ave., in March 2003. The deal was scheduled to close in June 2003. When it became apparent that obtaining financing would be a challenge, Northwest Church of Christ agreed to share the space with Church of the Nations.

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