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CMBS MULTIFAMILY FIXED RATE LOANS

Non-recourse, assumable fixed-rate financing for the acquisition or refinance of stabilized multifamily properties in Dallas Ft. Worth.

CMBS Apartment Loan Amount:

Minimum $3,000,000

CMBS Loans for Stabilized Apartments in Texas

Amount
Minimum $3,000,000 for multifamily

Terms
5-10 year term; interest only periods up to full term are available

Loan to Value Maximum
75% of appraised value or purchase price constrained by Minimum Debt Yield

Coverage Minimum
1.25x DSCR

Minimum Debt Yield
7% for multifamily; 8.5% for office, retail, industrial, and self- storage; 10.5% for hotels

Minimum Occupancy
85% (physical) 80% (economic)

Borrower
Domestic single asset borrowing entity is required. Foreign sponsors may be financeable

Interest Rate
Risk-based pricing, varying with Debt Yield, amortization, LTV, DSCR, market and sponsor

Prepayment Terms
Defeasance with a lockout period of 24 months from securitization. Yield maintenance may be used in certain circumstances

Third Party Reports
MAI Appraisal, Property Condition Report and Environmental Phase I Assessment are required; Seismic Reports are required for properties in Seismic Zones 3 and 4

Reserves
Tax and Insurance escrows are required; Immediate Repair and Replacement escrows are required based on engineer’s Property Condition Report. Office and retail may require rollover reserves.

Application Fee
$45,000 covers third party, legal and out of pocket expenses

Origination Fee
Negotiable

Timing
28 – 60 days from application to funding; dependent on third party report timing and borrower’s submission of due diligence

Rate Lock
Typically, rate lock occurs on or a few days prior to the closing date

Assumability
Loan is assumable, subject to lender approval of proposed replacement borrower; Fees include 1% assumption fee and Lender’s reasonable out-of-pocket expenses

For current CMBS apartment loan rates, contact our multifamily lenders in DFW.

Call For a Quote:

(214) 679-9673

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