CMBS Mezzanine Fixed Rate Loan Program

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Terms

Description
Non-recourse, assumable subordinate financing for the acquisition or refinance of stabilized multifamily, retail, office, hotel, industrial, and self-storage properties financed simultaneously with Greystone CMBS mortgage loans.

Amount
$500,000-$5,000,000

Term
5 and 10 year terms available. Term must be the same as the first mortgage

Loan to Value Maximum
75-85% of appraised value or purchase price depending on asset type

Coverage Minimum
1.05x

Amortization
Interest-only or consistent with the senior mortgage loan

Mezzanine Borrower
Domestic single asset borrowing entity is required

Collateral
Pledge of the equity of the first mortgage borrower, secured by UCC filing. Eagle 9 title policy is required

Interest Rate
12-15% coupon varying with LTV, DSCR, market and sponsor

Prepayment Terms
Defeasance with a lockout period of 24 months from securitization. Cannot be prepaid before A Note

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. Mezzanine loan will rely on senior mortgage loan Third Party Reports.