Loans are non-recourse with standard carve-outs and are underwritten for 35-40 years. Minimum loan amounts are $5,000,000 for apartment acquisition loans and refinancing and $25,000,000 for new multifamily construction loans, with maximum leverage of 83.3% on purchases and 80% on refinances.
While financing options under $1 million are extremely limited for apartment properties, Multifamily.loans offers financing starting at as little as $100,000. With LTVs up to 80%, non-recourse options are available for loans of $750,000 and above.
A non-recourse loan is made to a single asset ownership entity like an LLC, an LP, or Corporation versus being made to an individual. Therefore, in the event of a non-cured default, the lender’s only recourse is to take back the property (the collateral) and cannot go after the individual personally, as there is no personal guarantee involved.
Mesa West’s five-year, non-recourse loan is secured by the 253-unit Ariva and the 302-unit Vive on the Park, the two most recent apartment developments in Sunroad’s 40-acre Sunroad Centrum master.
Recourse: Loans are always Non-Recourse except for standard carve-out provisions. What this means is that the Borrowers are not personally liable for the repayment of the loan and that the collateralized property and its cash flows would be the sole source of repayment of the debt in the event of a foreclosure.
The Freddie mac small balance apartment loan programs fills a gap in the small loan space ($1MM-$5MM) for borrowers seeking competitively priced, non-recourse debt without yield maintenance or a balloon payment at the end of the fixed term.
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Non-recourse and Assumable.. Pricing Notes View Banc Series Major Markets Apartment Loan Guidelines. $500,000 minimum loan size. Rates assume loan size above $1,000,000. Pricing adjustments for loan sizes below $1,000,000. Reduce rate by 15 bps if LTV is less than 65% and 40 bps if LTV is.
INDIANAPOLIS-Magna Properties has gained an $11.6 million refinance loan for the 448-unit Greentree Apartments here at 2524 Tamarack Lane. Magna purchased the property in 2007. The 35-year,
Popular Commercial Lending Group Chugh added that while mezzanine loans are particularly popular, developers have also begun offering. a team leader in M&T Bank’s New York commercial real estate group. He explained that many.
Most non-recourse loans feature a series of carveouts (sometimes referred to as ‘bad boy’ acts) that give the lender the ability to seek recourse. Standard carve outs are disclosed in the loan documentation, and typically include things like fraud, misrepresentation, criminal acts that result in a property’s seizure, or obtaining additional financing without notifying your primary lender.
Apartment Loan Financing the development will include three buildings offering 200 rental apartments and 10,000 square feet of retail space-just steps from the Hudson-Bergen Light Rail. The three-year loan, provided by PNC.