LOAN AMOUNT
$1 million to $100 million, Larger in some cases
MARKETS
Primary Secondary & Tertiary
ELIGIBLE PROPERTIES
Retail
SECURITY
First Lien Mortgage
TERM (YEARS)
5 – 10 years
AMORTIZATION (YEARS)
25 – 30 years
MAXIMUM LOAN TO VALUE
Up to 80% (depending on Asset Quality)
MINIMUM DSCR
1.25x
INTEREST RATE
Applicable swap yield plus 175–285bps, floors may apply based on current bond yields
RECOURSE
Non-Recourse, except industry standard carve-outs
PREPAYMENT
Permitted after a typical lock out period, subject to defeasance. Yield Maintenance available at premium pricing
ASSUMABLE
Permitted, subject to Lender’s Approval and 1% assumption fee
BORROWING ENTITY
SPE acceptable to Lender, with sufficient experience, liquidity and net worth
RESERVES
Real Estate Taxes, Insurance, Replacement Reserves, TI/LC (if applicable), and others as reasonably determined by the Lender