Fixed-Rate Multifamily Bridge Lending Program

ACQUISITION AND REFINANCE OF MULTIFAMILY PROPERTIES

ELIGIBLE PROPERTIES

Existing market-rate, affordable, and rent-assisted multifamily properties stabilized and value-add permissible

INTEREST RATE

Fixed-rate; Low to mid-6%

BORROWER

For-profit or not-for-profit domestic single-asset entity

PERSONAL LIABILITY

Non-recourse subject to standard carve-outs

PERSONAL LIABILITY

Full recourse

SECURITY

First mortgage and first-priority interest in all leases, rents, income, and profits, and all other personal property, accounts, escrows, and reserves

MAXIMUM LOAN

Up to 75% LTV

TERM & AMORTIZATION

Up to 36 months with extension options available; typically interest only for term of mortgage

ESCROWS

Replacement reserve, tax, and insurance escrows are typically required

ORIGINATION FEE

Negotiable

EXIT FEE

Negotiable

EXTENSION FEE

Negotiable

THIRD PARTY REPORTS

Appraisal, Phase I, and PCNA are required; seismic report may be required

(212) 220-7040