Download Lending Parameters
Conduit/CMBS | Preferred Equity/ Mezzanine Investments |
Bridge Loan | Structured Equity/JV Equity | |
---|---|---|---|---|
Loan Amount | $10 to $75 million; may go higher in select cases |
$5 to $150 million | $15 to $75 million; may go higher in select cases |
$3 to $20MM |
Term | 5 to 10-years terms | 3 to10-year terms | 3-year term with two (2) x 1-year extension options | 3-10 years |
Loan-to-value (LTV) | Up to 75% | Up to 85% | Up to 70% for stabilized commercial and hotel Up to 75% for stabilized multifamily |
90+% |
Debt Yield | Tailored to each transaction | Tailored to each transaction | Tailored to each transaction | Tailored to each transaction |
Purpose | Acquisition, Refinancing | Acquisitions, Refinancing, Repositioning, Workouts, Recapitalization | Acquisition, Refinancing, Repositioning, Workout, Recapitalization | Acquisitions, refinancing, repositioning, workouts, recapitalization on stable and transitional assets |
Loan Type | Fixed | Fixed or SOFR based floating rate loans (current/accrual features where necessary) | SOFR-based floating rate loans | Equity investment with a fixed preferred rate of return and targeted overall IRR tailored to each transaction |
Structure | Senior Mortgage | Mezzanine, B-Note, Participating Preferred Equity or selective LP Equity | Mezzanine, B-Note, Participating Preferred Equity or selective LP Equity | Preferred or common equity interest |
Pricing | Competitive pricing tailored to each transaction | Competitive pricing tailored to each transaction | Competitive pricing tailored to each transaction | Competitive pricing tailored to each transaction |
Minimum DSCR | 1.30x (can reduce to 1.25x for certain opportunities) | 1.10x DSCR (may selectively go lower) Will consider debt service reserve |
1.20x DSCR (may selectively go lower) Will consider debt service reserve |
Based upon operating covenants |
Amortization | Up to 30 years; Partial and Full-Term IO available depending on LTV and DSCR | Negotiable, typically Interest-Only | Interest-Only | Not applicable |
Recourse | Non-recourse except for certain standard carve outs | Non-recourse except for certain standard carve-outs | Non-recourse except for standard carve-outs | Standard carve-outs |
Fees | Generally at Par | Negotiable, generally 1% origination and 1% exit fee | Negotiable, generally 1% origination and 1% exit fee | Negotiable |
Prepayment | Treasury defeasance after the earlier of (i) two years after a securitization or (ii) three years from the closing date. Open 90 days prior to maturity. | Flexible | Flexible | Flexible |
Property Types / Geography | Multifamily, Retail, Office, Industrial, Hospitality, Mobile Home Communities, and Self-Storage properties located in primary and secondary markets throughout the US | Multifamily*, Retail, Office, Industrial, Hospitality, and Self-Storage properties located in primary and secondary markets throughout the US | Multifamily, Retail, Office, Industrial, Hospitality, Mobile Home Parks and Self-Storage properties located in primary and secondary markets throughout the US | Multifamily, Retail, Office, Industrial, Self-Storage, and Hospitality properties located in primary and secondary markets throughout the U.S. |
*Can provide joint venture preferred equity behind GSE Mortgages