Features:

 

Product overview

Eligibility
Standard multifamily including MHCs. Seniors and student housing loans may be eligible on a case-by-case basis.

Loan amounts
Single asset loans of at least $25 million or multiple asset transactions of at least $50 million

Term/amortization
5, 7 or 10 year term
Up to 30 year amortization

Interest rates
Floating based on 1 or 3 month LIBOR

Debt service coverage ratio
1.00x minimum depending on LTV and other risk characteristics

Loan to value
75% maximum (standard)
65% maximum (interest only loans)

Interest rate caps
Must be purchased separately prior to rate lock and closing

Personal recourse
Non-recourse with standard "Carve-Outs" and Key Principal Obligations

Conversion option
May be converted without penalty to a fixed rate loan on any Payment Change Date occurring at least 3 months after the first payment date with some restrictions. Conversion is not allowed in the last 3 months prior to maturity.

Prepayment  
1 year lockout with 1% for the loan term or a declining prepay schedule

Origination fee
1% or less when applicable

Third party fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required.

Minimum occupancy requirement
90% sustained for 90 consecutive days
(85% acceptable for special circumstances)

Replacement reserve impounds
Required - not less that $150/unit
(waiver considered for special circumstances)

Taxes and insurance impounds
Required (may be waived for low leverage transactions)

Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages  
Available after 1 year (up to 2 available, plus 1 more upon sale and assumption)