| Purpose | Acquisitions, Refinancing, Repositioning, Workouts, Recapitalization |
| Loan Amount | $5 – $150 million |
| Term | 3 – 10 years |
| LTV | Up to 85% |
| Loan Type | Fixed or SOFR-based floating rate loans |
| Amortization | typically Interest-Only (IO) |
| Recourse | Non-recourse except for certain standard carve-outs |
| Fees | 1% Origination, 1% Exit fee |
| Prepayment | Flexible |
| Property Types / Geography | Multifamily*, Retail, Office, Industrial, Hospitality and Self-Storage properties located in primary and secondary markets throughout the U.S. (*Possible JV as Pref behind GSE mortgages) |
| Purpose | Acquisitions, Refinancing, Repositioning, Workouts, Recapitalization |
| Loan Amount | $15 – $150+ million |
| Term | 3-year with two (2) 1-year extensions option |
| LTV | Up to 75% for stabilized multifamily; up to 70% for stabilized commercial and hotel |
| Loan Type | SOFR-based floating rate loans |
| Amortization | Interest-Only (IO) |
| Recourse | Non-recourse except for certain standard carve-outs |
| Fees | 1% Origination, 1% exit fee |
| Prepayment | Flexible |
| Property Types / Geography | Multifamily*, Retail, Office, Industrial, Hospitality, Mobile Home Parks and Self-Storage properties located in primary and secondary markets throughout the U.S. |
| Property Type | |||||
| Multifamily | Acquire & reposition/redevelop Class B/C; develop garden-style or podium/wrap; target high-growth secondary markets | 100-400 units | $7–$20M | Up to 70% | 3-5 yrs; vintage 1980s–early 2000s |
| Industrial | Last-mile fulfillment & bulk distribution development/redevelopment in dense urban and underserved gateway submarkets | 50K-500K SF | $7–$20M | Up to 65% | 3-5 yrs |
| Office | Acquire/redevelop Class B/C to Class A; convert industrial to creative office | 100-200K SF | $7–$15M | Up to 65% | 3-5 yrs |
| Other Asset Types | Hotels, grocery/pharmacy retail, niche assets; distressed; preferred or hybrid equity | <250 keys or <250K SF | $7–$15M Equity | Up to 80% | <3 yrs |
| Purpose | Acquisition, Refinance | Acquisition, Refinance |
| Loan Amount | $5–$100+M | $1–$100+M |
| Term | 5-10 years | 5-30 years |
| LTV | 75% (5-7 yr); 80% (7+ yr) | Up to 80% (varies by asset) |
| Rate Lock | 60–120 days; index lock available | 30–180 days; streamlined lock available |
| Geography | Nationwide | Nationwide |
| Pricing | Tiered by DSCR and LTV | Tiered pricing based on DSCR and LTV |
| DSCR | 1.25x (down to 1.20x in select markets) | 1.25x (varies by product) |
| Amortization | Up to 30 yrs; Partial and Full-Term IO available; floating rate option (SOFR) | Up to 30 yrs |
| Recourse | Non-recourse (except for standard carve-outs) | Non-recourse (standard carve-outs) |
| Prepayment | Yield maintenance followed- by 2-year lockout, defeasance there after; final 90 days no penalty | Yield maintenance or prepayment premium |
| Property Types | Multifamily, Student Housing, Manufactured Housing Communities (MHC), Cooperative Housing (co-op), Affordable Housing | Multifamily, Student Housing, Manufactured Housing Communities (MHC), Cooperative Housing (co-op), Affordable Housing |
| Programs | SBL, Green Advantage, Value-Add, Lease-Up, Supplemental, MHC, Student Housing | DUS Small, MAH, Green Rewards, Moderate Rehab, Near-Stabilization, ARM, Supplemental, Fixed, Bond Credit, Student Housing |
| Eligibility | Borrower types include LPs, corporations, LLCs, and TICs (max 10). GPs, LLPs, REITs, and certain trusts may qualify with conditions. SPE required in most cases; sub-$5MM loans may allow Single Asset Entities. TIC tenants must each be SPEs. | A minimum of 3 months stabilized occupancy rate of 90%; loan commitments for pre-stabilized properties may be considered |
| Purpose | Acquisition, Refinancing |
| Loan Amount | $10 – $75+ million |
| Term | 5 – 10-year term |
| LTV | Up to 75% |
| Loan Type | Fixed rate loans |
| Amortization DSCR | 1.30x; 1.20x for selected opportunities |
| Amortization | Up to 30 years; Partial and Full-Term IO available |
| Recourse | Non-recourse except for certain standard carve-outs |
| 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. |
| Property Types / Geography | Multifamily, Retail, Office, Industrial, Hospitality, Mobile Home Communities, and Self-Storage properties located in primary and secondary markets throughout the U.S. |