| |
| |
Apartment Loan
Quick Links |
|
|
| |
Borrowers seeking
multifamily financing for adult 55+ communities with no
medical and limited food service may qualify for multifamily
financing under CommercialBanc's
Banc-Series™
Apartment Loan Program. |
|
| |
CommercialBanc
Seniors Housing Loan
Program Overview
|
|
CommercialBanc
Multifamily Lending
Group provides Seniors
Housing Loans
through its Agency-Series™
Multifamily Loan Program. The Seniors
Housing Multifamily Loan Program is
available for properties that
provide Independent Living, Assisted
Living with or without Alzheimer's
care. Bond Credit Enhancements
available for non-profits and owners
of affordable seniors housing
facilities. |
|
The
Agency-Series™ Seniors Housing Loan
Program
offers
flexible financing terms for single
asset or multi-asset fee managed or
leased properties. Tax-exempt
financing available through Bond
Credit Enhancements with both fixed
and variable rate options. |
CommercialBanc
Seniors
Housing
Loan Program
Guidelines
|
|
Seniors
Housing Loans are
available based on
the following
general program
guidelines.
Exceptions to
standard terms are
made on a
case-by-case basis.
Contact a
Multifamily Lending
Expert at
1-888-706-BANC, to
learn more. |
|
Property Types |
Independent
Living, Assisted Living, and Assisted Living with
Alzheimer's, in any combination or standalone. |
| |
Properties must be built to
specifically meet the housing needs
of seniors and must be fully
equipped with a sprinkler system. |
|
Borrower Qualification |
Owners and Operators with a minimum
of five years' experience in the
seniors housing industry. |
|
Loan Size |
$1,000,000 -
No Maximum |
|
Pricing |
Fixed rate
or variable rate pricing with fixed terms from 5-25
years. |
|
Execution |
Cash, MBS,
and DMBS |
|
Prepayment Provisions |
Three
options:
Defeasance
Yield Maintenance
Graduated Provision |
|
Maximum LTV |
75% - 80%
for tax-exempt bond status. |
|
Minimum DSCR |
Independent
Living: 1.35:1
Alzheimer's: 1.45:1
Independent Living and Alzheimer's Mixed: Weighted
average of 1.35x and 1.45x |
|
Minimum Vacancy |
Independent
Living: 5%
Alzheimer's: 7% for 60 or more units. 10% for 60
or less units |
|
Property Seasoning |
Independent
Living must be 90% stabilized for 18 months prior to
funding - 24 month for Alzheimer's properties. |
|
Escrows |
Replacement
reserves, tax, and insurance. |
|
Third Party Reports |
Appraisal
Phase 1 Environmental Assessment
Physical Needs Assessment
Consultant Report on Management and Operations is
required on all properties.
Regulatory Compliance Reports may be required on
Alzheimer's properties. |
|
Performance Reporting |
Quarterly |
|
Forward Commitments |
Not
permitted. Exceptions may be made on a case-by-case
basis. |
|
Rate Lock |
Up to 90
days. Extended rate lock available to 365 days. |
|
Supplemental Financing |
Available |
|
|
|
