Multifamily Housing New Construction/Substantial Rehabilitation
3 W. Main St, Suite 103
Irvington, NY 10533
Market-rate, affordable, and subsidized multifamily housing properties are eligible. To qualify for substantial rehabilitation, the cost of repairs and/or alterations must exceed $15,000 per unit adjusted for the HUD High Cost Factor or replace two or more building systems.
Fixed-rate for both construction and permanent terms – determined by market conditions
For-profit or not-for-profit single asset entity
Non-recourse, subject to standard carve-outs
|MAX LOAN TO VALUE
|MIN. DEBT SERVICE
1 At least 90% of units supported by a project-based rental assistance contract
2 Regulatory agreement that at least meets the minimum Low-Income Housing Tax Credit restrictions of 40% of units at 60% AMI or 20% of units at 50% AMI in effect for at least 15 years
Maximum of 40 years – plus construction period
Limited to 25% of net rentable area and 15% of effective gross income
Flexible – best execution typically has a combination of lockout and prepayment penalty for 10 years, and is fully assumable, subject to HUD approval
.25% – .65% annually depending on project type
HUD Application: 0.30% of requested loan amount or associated costs
HUD Inspection: 0.50% of loan amount or total of all improvements
Initial Operating Deficit Reserve: Four to twelve months of amortizing debt service depending on deal
Replacement Reserves: Minimum of $250 per unit, per year, or as determined by their third-party vendor
Working Capital Deposit: 4% for new construction and 2% for substantial rehabilitation
Davis-Bacon prevailing wage rate requirements apply
Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.
These cookies are strictly necessary to provide you with services available through our website and to use some of its features.
We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.
Google Webfont Settings:
Google Map Settings:
Google reCaptcha Settings:
Vimeo and Youtube video embeds: