• Loan size from $2MM up to $45MM (may consider larger sizes for select assets and portfolios)
  • Acquisition, refinance, and recapitalization
  • Terms 5, 7 and 10 years
  • Up to 80% LTV
  • Non-recourse with standard carve-outs
  • Yield maintenance or defeasance
  • Minimum Debt Service Coverage for Multifamily: 1.20x
  • Minimum Debt Service Coverage for Commercial: 1.30x
  • Minimum Debt Yield for Multifamily: 7%
  • Minimum Debt Yield for Commercial: 9% to 12%
  • Full term and partial interest-only considered on a case-by-case basis
  • Amortization 25-30 years
  • Origination fee at par
  • Single purpose entity required
  • TI/LC and Capital Expenditure reserves structured on a deal-by-deal basis
  • Springing or in-place lockbox/cash management