CMBS Lending Fixed Rate Loan Program

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Terms

Description
Non-recourse, assumable fixed rate financing for the acquisition or refinance of stabilized multifamily, retail, office, hotel, industrial, and self storage properties

Amount
Minimum $3,000,000 for multifamily, $7,000,000 for all other asset classes

Terms
5-10 year term; interest only periods up to full term are available

Loan to Value Maximum
75% of appraised value or purchase price constrained by Minimum Debt Yield

Coverage Minimum
1.25x DSCR

Minimum Debt Yield
7% for multifamily; 8.5% for office, retail, industrial, and self- storage; 10.5% for hotels

Minimum Occupancy
85% (physical) 80% (economic)

Borrower
Domestic single asset borrowing entity is required. Foreign sponsors may be financeable

Interest Rate
Risk-based pricing, varying with Debt Yield, amortization, LTV, DSCR, market and sponsor

Prepayment Terms
Defeasance with a lockout period of 24 months from securitization. Yield maintenance may be used in certain circumstances

Third Party Reports
MAI Appraisal, Property Condition Report and Environmental Phase I Assessment are required; Seismic Reports are required for properties in Seismic Zones 3 and 4