Construction & Permanent

Multifamily or Assisted Living

Financing in One Loan Product

 

 

 

Ideal for New Construction and Substantial Rehabs

 

 

We offer a 40-year, fixed-rate, non-recourse, multifamily

or assisted living construction financing  with lower

developer equity requirements.

 

 

Program Benefits

• Long Term Fixed Rate – 40-year fixed interest rate with
  

  interest-only during the construction period.

 

• Non-Recourse – means no personal guarantees*

 

• Low Equity Requirements –

        – M U L T I F A M I L Y  Equity requirements begin at 15%

          of eligible development costs, and  decrease to 13% for

          affordable properties  and 10% for projects with 90%

          or greater rental assistance.

 

        – A S S I S T E D   L I V I N G  Equity requirements begin at

          25% for assisted living and memory care, decreasing to

          20% for skilled nursing facilities. Non-profits are eligible

          for 20% for assisted living and memory care, decreasing

          to 15% for skilled nursing facilities.

 

 

• Save Time and $$ – One loan means = one set of underwriting criteria.

 

• Save $$ by only paying closing costs for one loan, not two.

 

• Loan Proceeds Protection – One loan means there is no risk of
  

   having loan proceeds reduced if your stabilized rents are less

   than proforma figures.

 

• No Interest Rate Increases Ever – One loan means one fixed 

   interest rate for the full 40-year term. No balloons or interest rate hikes.

 

• Assumable Loan – This is a fully assumable loan (subject to approval.)

 

• Maximum Loan Amount : None

 

 

Eligible Projects

• Market Rate, Luxury, Affordable and Rental Assistance Properties
• New Construction or Substantial Rehabilitation

 

*With standard exceptions for fraud and misrepresentation

 

Note: Each loan package is case by case. Not all applicants will qualify. There is no guarantee of approval. Terms and conditions apply. Please call for details.